1 Central Park South
Purchased by the ELAD Group for $838,000 per room in 2004, the Plaza Residences is divided into two components: the Private Residences, with 180 private condominiums and an entrance located at 1 Central Park South, and the Hotel Residences with 152 rooms and an entrance facing the 768 Fifth Avenue. The structure was first built in 1907 and converted into the imperious condominium residence that it is today in 2006. The design and the cozy hotel ambiance makes the Plaza Residences one of the most sought after hotels and landmarks in New York. The enchanting symmetrical entrance, luxurious ornamented lobby, and elegant marble floors welcome the guests and give them an impression like no other. The Hotel Residences offers a renting program where the owners are only allowed to use their purchased units for 120 days annually. For the rest of the days, the hotel residences will be rented out, with 95% of the profit going to the owner. With these two components and a good scheme for the individual private owners of their hotel residences, guests can now enjoy hotel life while feeling the comfort of home in an elegant structure designed to mimic late medieval French chateaux.