The condominium apartments that are being created at the Plaza Hotel are expected to be marketed sometime this fall although the shuttered property is not expected to reopen until late next year.
Rosita Sarnoff, a senior vice president with Stribling & Associates, which is handling the sale of the condominium apartments, was quoted in today's edition of The New York Sun as stating that the apartments are likely to be offered at $3,000 to $6,000 a square foot and that they will range in size from about 800 to 6,000 square feet. She did not return a call from CityRealty.com.
The hotel was acquired last year for about $675 million by Elad Properties, which has indicated it plans to spend about $350 million in renovations and the conversion, which will also expand retail spaces at the landmark hotel.
After its initial plans to convert a large percentage of the legendary hotel's 805 rooms to apartments and possibly alter some important interiors such as the Oak Room and the ballroom, Elad agreed to substantially reduce the number of new apartments to 180 and to preserve the public rooms considered important by the city's Landmarks Preservation Commission.
A preservation plan approved by the city's Landmarks Preservation Commission in July will preserve most of its famous interior public spaces such as the Oak Bar, the Oak Room, the Grand Ballroom, the Edwardian Room and the Palm Court and permit the reinstallation of a ""kylight," or "laylight," in the Palm Court.
Before the commission's 8-to-0 decision with one abstention, Elad Properties said it planned to recreate a 1907 domed glass ceiling in the Palm Court, a plan that had been suggested by the commission.
When the landmarks commissioned designated 8 public rooms at the Plaza as interior landmarks in July, it also approved Elad's renovation plans.
The renovations include extensive repair and restoration of marble and brick walls, molded terra-cotta balconies, cornices and ornament, elaborate metal marquees, entry doors, storefronts and light fixtures as well as a "sympathetic" roofline alteration approved by the landmarks commission nearly 20 years ago.
In July, the commission, according to Diane Jackier, its spokesperson, was shown a rendering of a plan to install a reflecting pool and fountain and landscaping at the base of the very large lightwell over the Palm Court. The rendering also indicated attractive small balconies on some of the windows facing the lightwell.
Lloyd Kaplan, chairman of Linden Alschuler & Kaplan, Inc., a public relations concerns that represents Elad, told CityRealty.Com today that that rendering was an "early" conceptual plan and that designs for the lightwell have "changed significantly" and have not been finalized.
A City Council subcommittee hearing on the landmark approvals was scheduled for yesterday but postponed until October 20.
When it reopens for its centennial, the hotel will have 350 hotel rooms in addition to its public spaces, condominium apartments and retail spaces.
Rosita Sarnoff, a senior vice president with Stribling & Associates, which is handling the sale of the condominium apartments, was quoted in today's edition of The New York Sun as stating that the apartments are likely to be offered at $3,000 to $6,000 a square foot and that they will range in size from about 800 to 6,000 square feet. She did not return a call from CityRealty.com.
The hotel was acquired last year for about $675 million by Elad Properties, which has indicated it plans to spend about $350 million in renovations and the conversion, which will also expand retail spaces at the landmark hotel.
After its initial plans to convert a large percentage of the legendary hotel's 805 rooms to apartments and possibly alter some important interiors such as the Oak Room and the ballroom, Elad agreed to substantially reduce the number of new apartments to 180 and to preserve the public rooms considered important by the city's Landmarks Preservation Commission.
A preservation plan approved by the city's Landmarks Preservation Commission in July will preserve most of its famous interior public spaces such as the Oak Bar, the Oak Room, the Grand Ballroom, the Edwardian Room and the Palm Court and permit the reinstallation of a ""kylight," or "laylight," in the Palm Court.
Before the commission's 8-to-0 decision with one abstention, Elad Properties said it planned to recreate a 1907 domed glass ceiling in the Palm Court, a plan that had been suggested by the commission.
When the landmarks commissioned designated 8 public rooms at the Plaza as interior landmarks in July, it also approved Elad's renovation plans.
The renovations include extensive repair and restoration of marble and brick walls, molded terra-cotta balconies, cornices and ornament, elaborate metal marquees, entry doors, storefronts and light fixtures as well as a "sympathetic" roofline alteration approved by the landmarks commission nearly 20 years ago.
In July, the commission, according to Diane Jackier, its spokesperson, was shown a rendering of a plan to install a reflecting pool and fountain and landscaping at the base of the very large lightwell over the Palm Court. The rendering also indicated attractive small balconies on some of the windows facing the lightwell.
Lloyd Kaplan, chairman of Linden Alschuler & Kaplan, Inc., a public relations concerns that represents Elad, told CityRealty.Com today that that rendering was an "early" conceptual plan and that designs for the lightwell have "changed significantly" and have not been finalized.
A City Council subcommittee hearing on the landmark approvals was scheduled for yesterday but postponed until October 20.
When it reopens for its centennial, the hotel will have 350 hotel rooms in addition to its public spaces, condominium apartments and retail spaces.
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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