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A blog from CityRealty (Links below will take you to the 6sqft site)

Carter's View

Not all the ?Private Residences? at The Plaza Hotel at 768 Fifth Avenue at Central Park South will be McMansions.

The offering plan for the condominium apartments that are being developed within the Plaza Hotel indicates that most floors will have a wide gamut of units.

As amended December 16, 2005, the offering for the 181 apartments totals $1,353,017,500, an increase of $26,293,500.

On the 13th floor, for example, unit 1301 is a 622-square feet studio with 1 bath that has a price tag of $1,312,500.

Unit 1301, however, is a three-bedroom, 3-bathroom unit with 2,656 square feet that has a price of $9,430,000. Unit 1309 is a slightly larger 3-bedroom, 3-bath unit that has a price of $13,838,500. Unit 1311 is a one-bedroom, one-and-a-half bath apartment with 1,245 square feet that is priced at $3,600,000. Unit 1306 is an alcove studio with one bath and 820 square feet that is priced at $1,837,500. Lot 1303 is a two-bedroom, two-and-a-half bath apartment with 1,985 square feet that is priced at $8,405,000.

Some of the better units are on the 20th floor.

Unit 2001 is a 5-bedroom, 5 bath duplex with 5,613 square feet of interior space and 300 feet of exterior space that is priced at $29,500,000 and Unit 2009 is a 4.5-bedroom, 5-and-half bath triplex with 6,316 square feet of interior space and 229 square feet of interior space and a price of $32,500,000.

Unit 2006, however, is a one-bedroom, one-and-half-bath unit with 1,176 square feet that has a price of $3,100,000.

The offering plans also includes 126 storage bins in the building?s lower concourse that range in size from 25 to 37 square feet and are priced at $30,000 to $44,000.

The building will separately offer 152 condo hotel rooms on floors 11 through 21 and will also have a transient hotel with 130 rooms on floors 4 through 10.

The offering noted that the El-Ad Group Ltd. Entered into an agreement with Kingdom XXII (USA) Ltd., a Delaware corporation owned and controlled indirectly by a trust for the benefit of HRH Prince Alwaleed Bin Talal Abdulaziz Alsaud for an indirect 49.9 interest in the transient hotel and an indirect 25 percent ownership of the condo hotel shares.

The transient hotel will have its entrance on West 58th Street and the Private Residences will have their entrance on Central Park South.

The hotel and many of its famous public rooms are official city landmarks.

The city?s landmarks commission has approved the restoration plans of CPS 1 Realty LLC, which include new fiberglass finials, a new 21st floor and small additions facing the courtyard on the 19th and 20th floors.

Costas Kondylis & Partners LLP is the architect of record for the conversion.

Orly Hackmon, a principal of The El-Ad Group Ltd., is the secretary of the sponsor and Mike Naftali, who owns 49 percent of El-Ad Properties NY LLC, is the president.
Architecture Critic Carter Horsley Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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