The Plaza Introduces Hotel Condominium Residences

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. October 14, 2008

NEW YORK, NY, July 20, 2006. Elad Properties announced the launch of sales for 152 spectacular hotel condominium residences at The Plaza, the iconic landmark located at the intersection of Central Park and Fifth Avenue.

The condominium rooms and suites, known as The Hotel Residences, will supplement an additional 130 oversize hotel rooms for overnight guests (adjoining the magnificent 182 private apartment residences at the Plaza -- now more than 60 percent sold).

Miki Naftali, President of Elad Properties, owner of the storied landmark, said, "The Hotel Residences provide private individuals, who may own homes elsewhere or who may only come to New York for a limited period of time, with the same once in a lifetime opportunity to purchase a piece of the Plaza, at an attractive price point. We intend to provide our purchasers and guests with the most memorable experience in luxury hotel living possible."

Purchasers of the 152 Hotel Residences will be able to stay at their hotel condominium residence for up to 120 days a year. Other times the hotel condominium residence will return to the program of rooms and suites offered to overnight guests by hotel management (or be rented out by individual condominium owners), generating income for the condominium owner.

There are five categories of condominium hotel residences:

-- The Palm Suites (500 to 600 square feet)

-- The Rose Suites (600 to 800 square feet)

-- The Edwardian Suites (900 to 1,000 square feet)

-- The Plaza Suites (1,500 square feet)

-- The Terrace Suites (duplex penthouses with terraces, 1,300 to 2,100 square feet).

Prices for the Hotel Residences at the Plaza will range from $1.6 million to $9 million. Buyers will also pay a standard building maintenance fee and real estate taxes.

In the event the owner chooses to join the rental program, the owner will receive 95 percent of the revenue from the rental program, while the manager receives a 5 percent management fee. The 95 percent of revenue received by the owner is offset by such expenses as nightly turndown and cleaning fees, a monthly contribution to the hotel's furniture, fixtures and equipment fund, and marketing, among other related expenses.