By: Jacklyn Brookman
It seems like iconic fashion designer Tommy Hilfiger has finally unloaded his 5600 square foot duplex penthouse at NYC’s Plaza Hotel. The NY Post reported that it took him 11 years to finally cut a deal with a buyer of the fabulous abode. The Post reported that the designer digs were originally priced at a staggering $80 million, however, Hilfiger eventually accepted an offer from the largest private owner of auto dealerships in America, Terry Taylor. Taylor plunked down a cool $33.25 million for the breathtaking pad.
Many real estate observers have opined that the cut rate price that Taylor received indicated just how hard the Plaza Hotel has struggled under its current ownership. As most are aware, the Plaza was once the most celebrated hotel in America and could easily command very high prices for its apartments and private abodes. Taylor, however, is known in the industry as a savvy investor and tough businessman, according to the Post report.
The Plaza Hotel is a cultural touchstone as well. It opened 112 years ago, and is known as the fictional home of children’s book character Eloise and has been featured in films such as “Home Alone 2” and “North by Northwest.”
According to the Post report, President Trump has purchased the Plaza Hotel for the whopping $390 million in 1988 and managed it along with ex-wife Ivana. He ended up selling the world renowned hotel at an $83 million loss to investors as part of bankruptcy proceedings. One of the investors was Saudi Prince al-Waleed bin Talal.
Last summer, the Jewish Voice reported that a Qatari state-owned company has taken over New York’s Plaza Hotel.
Katara Hospitality, Qatar Investment Authority’s hotel division, finalized the purchase in July of 2018, according to a representative for Accor SA, which was told of the ownership change.
Katara acquired 100 percent of the property from its majority owner, Sahara India Pariwar, as well as minority owners Ashkenazy Acquisition Corp., Kingdom Holding Co. and Sant Singh Chatwal, according to people with knowledge of the matter who spoke to Bloomberg News, who asked not to be identified. The transaction was valued at $600 million, one of the people said.
“The Plaza’s legacy of renowned luxury, incomparable service and timeless elegance will continue,” Sandra Pinto Duhamel, an Accor spokeswoman, said in an email.
The property had been hotly contested, which comes as little surprise considering its prime location across from the southeast corner of Central Park.
Insiders and keen observers of the NYC real estate market have said that buyers of luxury apartments are more inclined to want to live in the modern high rise structures that have been popping up around the city rather than purchase apartments in historic properties, according to the Post report.
The Post reported that the current owners of the Plaza had promised to bring in luxury brands like Chanel and five-star restaurants, which hasn’t happened.
Hilfiger and his wife Dee Ocleppo are reported to have wanted to sell their sprawling apartment which features a domed tea room, four bedrooms and a terrace overlooking Central Park as they spend a great deal of their time at other homes they own in such places as Miami, Connecticut and the Caribbean island of Mustique, where Rolling Stones’ front man Mick Jagger owns a home.
