Central Park South, NYC
In 2004, as CEO and President of Elad Properties, Mr. Naftali acquired the iconic Plaza Hotel for $675 million. The Plaza Hotel is a historic New York landmark and one of the world’s most recognizable brands. The transaction was executed quickly over a 2 day period with brokers at Cushman and Wakefield. The project proved to have a number of challenges. The building was in massive disrepair; of the 852 rooms, 65 were out of order. The Palm Court’s roof was leaking water, and the hotel was losing money. Mr. Naftali crafted a strategy to restore and reposition the property. A carefully planned additional investment of $450 million restored The Plaza’s world-famous interior venues, including The Terrace Room, The Edwardian Room, The Oak Bar and The Palm Court to their original splendor. In early 2008, The Plaza re-opened featuring 180 private condominiums accessible through the historic 1907 Central Park South entrance, 152 hotel suites that are available for purchase as hotel condominiums (Pied-a-Terre), 130 oversized hotel rooms and 160,000 square feet of retail space. Exquisite finishes, unparalleled amenities, highly trained staff and state-of-the-art technology makes The Plaza the most exclusive mixed-use property in the world. The results of this repositioning were record-breaking sales exceeding $7,000 per square foot for residences and $3,000 per square foot for hotel condominiums.
Most recently, Mr. Naftali’s vision to create a European Food Hall at The Plaza has created a trend in New York and across the United States. The Plaza Food Hall has been a success by every measure, receiving rave reviews by the interior design trade as well as the food and beverage trades.