Plaza Hotel Condo Sold for $48 Million Sets Manhattan Real Estate Record
Plaza Hotel Condo Sale Sets New York City Record
Jonathan Fickies/Bloomberg
Flags fly outside The Plaza Hotel.
Flags fly outside The Plaza Hotel. Photographer: Jonathan Fickies/Bloomberg
A condominium at Manhattan’s Plaza hotel sold this week for $48 million in a record real estate transaction.
“This is the highest price for single condo ever sold in New York City,” said Howard Lorber, chairman of Prudential Douglas Elliman Real Estate, which represented the buyers and sellers. Prudential agent Lisa Simonsen brokered the sale, Lorber said. Simonsen didn’t immediately return a telephone message seeking comment.
The deal for the 6,000-square-foot (560-square-meter) unit was completed on Monday, Lorber said. City property records don’t yet reflect the sale, which was reported earlier today by the New York Post.
The buyers are Russian composer Igor Krutoy and his wife, Olga, according to a person with knowledge of the transaction who asked not to be named because the details of the purchase haven't been made public.
A century-old destination for socialites and plutocrats, the Plaza reopened in March 2008 after a two-year restoration that cost more than $400 million. The building, at 768 Fifth Ave., was designed with 282 hotel rooms and suites and 180 condominiums, according to the hotel website and StreetEasy.com, a property-listings website.
Nineteen units in the Plaza are listed for resale, at prices ranging from $1.5 million for a studio to $22.5 million for a four-bedroom apartment, according to StreetEasy.
Sales of Manhattan luxury apartments, defined as the top 10 percent by price, fell 6.9 percent to 230 units in the fourth quarter from a year earlier, according to New York appraiser Miller Samuel Inc. and Prudential Douglas Elliman. The median price of luxury units jumped 15 percent to $4.35 million.
To contact the reporter on this story: Oshrat Carmiel in New York at ocarmiel1@bloomberg.net.
To contact the editor responsible for this story: Kara Wetzel at kwetzel@bloomberg.net
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