Eloise isn’t the only one who kept a Plaza secret.
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who → keep → secret
The Plaza’s big shocker wasn’t so shocking to the people who live there.
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who → live → people
Condo owners at the Fifth Avenue icon were in the loop for months about the hotel’s coming marathon shutdown, well before Fairmont Hotels & Resorts broke the news to the rest of the world this week, The Post has learned.
“The residents have known about this for many, many months now,” Corcoran broker Kane Manera, who has two penthouse listings in the building, told The Post.
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who → come → Post
Manera said he first heard about the plan “early this year.”
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he → say → plan
Fairmont revealed Wednesday that the 119-year-old landmark will go dark in January so crews can restore its storied exterior, a job expected to take at least four years and possibly stretch into 2031.
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crews → reveal → 2031
According to a statement from Plaza management: the timeline estimated is “due to the complexity of this undertaking and significant intrusion to operations.”
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timeline → accord → operations
The operator has stayed mum on what the work involves, how much it will cost and whether anyone living in the building’s 181 condos will be forced to clear out.
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anyone → stay → condos
Brokers with clients inside say the answer is no.
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answer → say → clients
Douglas Elliman’s Michael Passoro said owners he works with went straight to building staff once word got out.
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word → say → staff
“They had confirmed with the doorman and management that residents will continue to live there,” he said.
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he → confirm → doorman
Owners come and go through their own entrance on the 58th Street side, cut off from the hotel.
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Owners → come → hotel
“The residential lobby is in a completely different space to the hotel,” Manera said.
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Manera → say → hotel
What residents do lose is the glamour.
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lose → lose → What
The Palm Court, the hotel’s event spaces and the white-glove perks that come with living above one of the planet’s best-known hotels will all vanish for the duration.
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that → come → duration
Scaffolding is also likely to wrap the building’s marble and brick facade for years.
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Scaffolding → wrap → years
“I think there’s 29 units currently on the market and I’m sure there’s a few shadow inventory that’s not yet listed,” Passoro said.
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Passoro → think → market
He closed a $10.625 million deal in the building in February 2025, and said the sale came with a cloud hanging over it.
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sale → close → it
“I think there have been rumors for the last couple years that this might happen,” he said.
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he → think → years
“That person who purchased that apartment actually has it back on the market for sale,” Passoro said, noting the buyer relisted roughly a year after closing.
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buyer → purchase → closing
“I don’t know if [the shutdown] played into their decision at all, but it’s gonna be tough.”
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it → know → decision
Now bargain hunters smell blood.
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hunters → smell → blood
“I think it is going to be difficult to sell in the building over the next couple years,” Passoro said.
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Passoro → think → years
“Negotiability, I think it’s just gone up for anybody that’s looking possibly to purchase in the building.”
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that → think → building
He expects nearby trophy towers along Billionaires’ Row and Central Park South to scoop up shoppers who’d rather skip the hard hats.
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who → expect → hats
“I don’t think many people are gonna be too thrilled about going to look at the Plaza in the near future,” he said.
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he → think → future
The building has already seen some painful exits.
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building → see → exits
Russian billionaires Valery and Olga Kogan offloaded their roughly 5,000-square-foot spread last year for $21 million while facing foreclosure, about 45% below their original $38 million ask.
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Kogan → offload → ask
They recently listed their Plaza hotel penthouse for $45 million.
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They → list → million
Smucker’s heir Tim Smucker took a haircut on a one-bedroom he sold at auction.
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he → take → auction
Owners also face a second renovation problem that Fairmont’s facade fix won’t touch.
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fix → face → that
Many units date to the mid-2000s condo conversion and need serious updating, and that bill lands on individual owners, not the hotel.
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bill → date → owners
The long game
Still, both brokers argue the patient money wins.
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money → argue → ?
“It’s a blip in the ocean, at least from where I stand,” Manera said, pointing out that most Plaza buyers plan to stay put far longer than four years.
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buyers → ’ → years
“The thing is that buildings need maintenance, they need care, they need upkeep.
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they → need → upkeep
And if they don’t get them, then they fall into disrepair,” he added.
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he → get → disrepair
Once the scaffolding comes down, Manera predicts a rush.
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Manera → come → rush
“Once people experience The Plaza in its renovated format, it’s going to be a slingshot for sales,” he said.
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he → experience → sales
Passoro agreed.
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Passoro → agree → ?
“It’s a short-term inconvenience for a long-term gain,” he said.
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he → ’ → gain
Both brokers said they hope the work eventually revives the beloved underground food hall, which has sat dark for years and remains a sore point for buyers.
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which → say → buyers
…and 4 more, not listed.
The Aporia
