Luxe condo at NYC’s Plaza Hotel sells for record $66M

Real Estate

By Mary K. Jacob

In the world of opulent real estate, New York City’s Central Park South is a perennial favorite, renowned for its lavish residences and exorbitant price tags.

The latest testament to this trend comes in the form of a sprawling 12,000-square-foot apartment at The Plaza, which recently changed hands in a record-breaking sale in a hush-hush off-market deal.

Specifically, the Plaza’s unit 1109 has cemented a surprising price, realizing a remarkable sum of $65.8 million.

The eye-popping transaction further cements Central Park South’s status as a playground for the super-wealthy, according to The Real Deal.

Unit 1109 at the condo and retail building marked the fourth most expensive deal to close in 2023.

The illustrious Plaza residence, a veritable palace in the sky, finds itself surpassed only by two neighboring units within Vornado Realty Trust’s Central Park South enclave, which fetched jaw-dropping sums of $80 million and $75 million, respectively.

Securing the third position on this prestigious list is a penthouse at 1165 Madison Ave., owned by real estate magnate Miki Naftali, which realized a staggering $68 million this past spring.

According to appraiser Jonathan Miller, this sale eclipses the legendary $60 million deal struck by real estate mogul Harry Macklowe and his former spouse, Linda, in 2007 for a sprawling 14,000-square-foot property spanning seven contiguous apartments within the same building.

Unit 1109’s journey from its last transaction is no less impressive. In 2008, the lavish apartment changed hands for a then-substantial sum of $45 million, standing as one of the city’s priciest deals for that year, coming second only to a $46 million sale of a duplex penthouse at 1060 Fifth Ave.

The identities of the buyers and sellers in this Plaza deal remain anonymous.

The real estate landscape at The Plaza appears to be experiencing an unusual level of turnover, Miller noted to TRD. Approximately 20% of the building’s 163 units are currently listed for sale, a figure nearly double the norm.

Miller said, “When a lot of units are for sale in a building, the absorption into the market is slow enough that the listings are backing up.”

Among the notable listings is a duplex priced at a cool $50 million, which made its debut on the market in June. This 4,500-square-foot gem had previously changed hands for a mere $11 million back in 2010, having since undergone a lavish renovation to reach its current stratospheric asking price.

The Plaza’s allure doesn’t end there, with additional offerings including Units 1801 and 1901, both available for a combined price of $31.4 million.