Elad Properties
Clock Tower to Plaza: Watch Us Get Russians (And Donatella!)
The Plaza and 15 Central Park West better watch out, because a new ultra-luxe condo is coming to town and its developers are already claiming they will have the edge with an emergent, but increasingly lucrative, segment of the residential market: the Russians.
Earlier this week, Lev Leviev's Africa Israel Investments announced that it had contracted Versace to spearhead the interior redesign of the Clock Tower Building and convert the former MetLife headquarters at 5 Madison Avenue into a 55-unit condo.
Versace, of course, ranks high on the list of residential amenities, but we couldn’t help but feel a brief pang of déjà vu. read more »
Plaza Owner Elad Sells 250 West Street for $205 M.
Elad Properties is in contract to sell its office building at 250 West Street for about $205 million to a Russian group of investors, according to a source familiar with the deal.
The building sold for about 30 percent more than what Elad paid for it in June 2006, when they bought the building from Citigroup for $142 million.
The sale comes as cash floods in from the company’s condo sales at The Plaza, which is also soon to open its hotel portion. read more »
