When an Israeli billionaire bought New York’s storied Plaza Hotel for $675 million, he envisioned turning the plucky grande dame with the globally recognized name into mainly a luxury condo tower that would cater to the world’s wealthiest buyers and offer stores to satisfy their every desire.But now, six years later, with the city in an acute recession, the grandest aims of the new owner, Isaac Tshuva, and the excitement of the new Plaza’s first residents seem to have dimmed, according to sales data.The last 11 owners to sell their luxury condos at the Plaza Hotel sold them at a loss, including the owner of Apartment 409, which sold for $8.5 million less than it cost 16 months before.The Plaza’s underground luxury stores are struggling to attract shoppers, and one expert broker is consequently advising clients not to take space there.
By Christine Haughney, Jan. 18, 2010 NYT

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