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Plaza's Frank Lloyd Wright Suite Sells Again at 40% Loss

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Art world heavyweight Guy Wildenstein dreamed of combining multiple fourth- and fifth-floor apartments in The Plaza into a private family mansion, but the landmark's "fishbowl atmosphere" just wasn't for him (being the former brother-in-law to this lady makes one a bit shy). So he put the whole five-unit spread back on the market for $46.5 million. Times got bad, Wildenstein got desperate, and he decided to sell off his Plaza portfolio in pieces. His crown jewel, the fourth-floor Frank Lloyd Wright suite, finally sold in December and just showed up in public records. The 4BR, 4.5BA spread, created from three Plaza hotel rooms by Wright on the building's northeast corner, was bought for $13 million, a price tag of $3,250/sq ft. A hefty amount, but here's the thing: In August 2008, Wildenstein paid just over $21.5 million for the trophy. Ouch.

The buyer is listed as Hudson-Plaza Realty LLC, care of Hudson Media at East Rutherford's One Meadlowlands Plaza. Hudson operates newsstands and other stores in airports and train stations nationwide, and its president and CEO is named Joseph DiDomizio. Wildenstein did try to do a bit better with the apartment before accepting his fate. According to StreetEasy, the first asking price was $25.7 million, which would have been a nice profit. Gradual price cuts led to a most recent ask of $18 million, but clearly that number was negotiable. Here's the current floorplan of the former stomping grounds of FLDubz:

· 1 Central Park South #409 [StreetEasy]
· The Plaza coverage [Curbed]

The Plaza

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