clock menu more-arrow no yes mobile

Filed under:

Unidentified Buyer Offers $1.61 Billion for The Plaza

New, 14 comments

MIDTOWN WEST—An unidentified family from the Middle East has made a $1.61 billion offer to buy The Plaza from the Sahara Group, who bought its own 70 percent stake in the iconic hotel less than a year ago for $570 million. It has been rough sailing for Sahara, who also bought the Dream Downtown for $200 million (the $1.61 billion offer would include both the Dream and London's Grosvenor House)—soon after making the purchase, the Mumbai-based company got in trouble first with its own government and then with Chinese lenders (apparently they owe the Bank of China $1 billion) over some bonds that they may have issued illegally, hence the need to sell off its hotel properties. [NYP; previously]

THE WORLD OF SALES—The sales and marketing division of Hudson Yards developer Related Companies and Corcoran Sunshine Marketing Group are joining together to sell lots of expensive apartments. They two companies today announced "the creation of a new venture ... [which] will bring together both firms' vast resources to lead the marketing and sales of Related's rapidly growing nearly $5 billion pipeline of New York City luxury residential condominium developments." These include Zaha Hadid's spaceship-like 520 West 28th Street and Hudson Yards. [CurbedWire Inbox]

The Plaza

Central Park South, Manhattan, NY 10019 Visit Website