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The Plaza hotel to shut down for four years
New York Post • • business
Key Points:
- The Plaza Hotel, a 119-year-old Fifth Avenue landmark, will close in January for at least four years for a major exterior restoration, potentially remaining closed until 2031, according to Fairmont Hotels & Resorts.
- While the hotel’s 282 rooms, Palm Court, and event spaces will shut down, residents of the 181 condos will continue living there, using a separate entrance and lobby away from the hotel areas.
- The prolonged closure is expected to impact condo sales negatively, with increased negotiability and potential buyers favoring nearby luxury towers to avoid construction disruptions.
- Many condo units also require individual renovations unrelated to the hotel’s facade work, adding to owners’ expenses amid a challenging market.
- Brokers remain optimistic that the renovation will ultimately boost the building’s appeal and sales, and the hotel’s 378 union workers will retain their jobs and pay upon reopening.
