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Owning a Perch at The Plaza, the Deeded Pied-A-Terre.

NEW YORK -- The focus is shifting to The Plaza Hotel Pied-A-Terre suites. This alternative, designed for those whose principal home is elsewhere, but who want to own a piece of the Plaza for their visits to New York, is gaining increasing attention and favor. Sales and interest are accelerating with the recent marketing launch focusing on these 152 hotel condominiums, or pied-a-terre suites.

Purchasers of The Plaza Hotel Pied-A-Terre suites have full ownership and a deed to their property and can finance their purchase with a mortgage. Fairmont Hotels & Resorts will manage The Plaza Pied-A-Terre suites.

"The pied-a-terre provides the best of both worlds for those who want a perch at The Plaza, but only want to use it personally for up to 120 days a year," said Miki Naftali, President of Elad Properties, owner of The Plaza. "Destination restaurants and the most elegant shopping are only an elevator ride away." Purchasers need only provide 5-days advance notice of their intention to occupy their pied-a-terre.

"While the Private Residences at The Plaza range from $2.6 million to more than $40 million, the pied-a-terre suites range from $1.6 million to $5.8 million. Owners have full access to The Plaza's extraordinary six-star services and amenities, enhanced by a butler assigned to every floor, providing a sense of belonging to a special club in the city's most storied building," Mr. Naftali said.

When not being used by their owners, the suites can generate income by being rented to nightly guests, a service hotel management can provide. As is customary with condominium ownership, owners will pay a monthly common charge based on the size of their suite. Fees for such conveniences and functions as cleaning and maintenance, refurbishment, marketing and management/administration would be defrayed by the owner's rental income.

There are five styles of suites ranging in size from 500 to 1,300 square feet (plus the one larger, duplex penthouse). The pied-a-terre suites all have marble baths, flat screen TV's, a private owner's closet where personal items can be stored, as well as a butler's kitchen.

The exclusive sales and marketing agent for the 152 Pied-A-Terre suites, as well as for the 181 Plaza Private Residences, is Stribling & Associates.
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Publication:Business Wire
Date:May 2, 2007
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