October 01, 2007

The Plaza turns 100: still closed, fireworks anyway

One hundred years ago today The Plaza welcomed its first hotel guest. And while the legendary structure on the southeast corner of Central Park remains closed for renovations, the anniversary will be celebrated tonight with an elaborate fireworks show, a giant cake and other festivities.

Fairmont, which will manage the hotel portion of The Plaza when it reopens as part condo/part hotel, has now opened online reservations, with rooms starting at $755 a night from January 1, 2008. That's just slightly lower than the $775 a Plaza reservation agent quoted NewYorkology by phone last week. She also was taking names for a December waitlist in case rooms became available by then.

Also of note, rooms from $755 are available for Valentine's Day.

But here's the timeline according to today's New York Times:

Ms. Daniell said the Plaza would open in stages in the next few months. A handful of condominium owners have already moved in, she and Ms. Nauer said. The Palm Court and the ballrooms are expected to open in December, and the hotel and new retail stores in early 2008.

Mr. Tshuva's company, Elad Properties, acquired the building three years ago for just $675 million, and pitched a fierce battle with the hotel union and preservationists to create 181 condos, and a hotel with 134 traditional hotel rooms and 152 hotel-condominiums. Now, after a $400 million renovation, just 12 of the luxury condos have yet to be purchased, the traditional hotel has been sold for $500 million, and a third of the hotel-condos are gone. With 475,000 square feet worth of luxury condos selling at a minimum of $5,000 a square foot, Elad is poised to rake in nearly $2.4 billion on residential sales.

October 1, 2007 10:26 AM in Architecture, Cheap Stuff, History, Hotelology, Midtown, Romance, Sightsology

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