In 2004, while CEO of El Ad Properties, Miki Naftali acquired the iconic Plaza Hotel, a New York historic landmark and one of the world’s most recognizable brands, for $675 million. A carefully planned $400 million additional investment 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.
Upon completion in late 2007, The Plaza featured 180 private condominiums accessible through the historic 1907 Central Park South entrance, 152 hotel suites that were available for purchase as hotel condominiums (pied-à-terre), 130 oversized hotel rooms, and 160,000 square feet of retail space for ultra-luxury boutiques, and the first luxury food hall in North America.WEBSITE
The most exclusive mixed-use property in the world
Exquisite finishes, unparalleled amenities, highly trained staff, and state-of-the-art technology made The Plaza the most exclusive mixed-use property in the world. Record-breaking sales in 2007 exceeded $7,000 per square foot for residences and $3,000 per square foot for hotel condominiums.
Mr. Naftali’s vision to create a European Food Hall at The Plaza created a trend in New York and across the United States. The Plaza Food Hall received rave reviews by the interior design trade as well as the food and beverage trades.