Take Me to the Plaza
Its name evokes an era of style and elegance – you can almost picture Cary Grant walking through the stately lobby. The landmark Plaza Hotel on the corner of Fifth Avenue and Central Park in Manhattan is undergoing major renovations and will re-open as a condo-hotel. Starting at $1.6-million and climbing to $9-million, you can purchase a room to which you have access 120 days per year. The room will be used as a hotel room the remainder of the year. While this arrangement is appealing to corporate clients, those wishing to call the Plaza home on a full-time basis may buy a room for $2.5-million and up (not outrageous by New York standards). There are disadvantages including hefty maintenance fees and you must book your own room well in advance (60-90 days). Still the cache and location of this historic building may make this a worthwhile investment.
