This Week in Review
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
1. Sam Chang Flips Two Hotels: Hotelier Sam Chang sold his unfinished Sheraton Hotel project on Canal Street for $83 million to Magna Hospitality Group, the Real Deal reported. Magna Hospitality bought another of Mr. Chang’s hotel projects earlier this month, a 198-room hotel at 505–513 W. 43rd St.
2. Plaza Hotel To Open Saturday: Fairmont Hotels announced this week that the Plaza Hotel, which has undergone a $400 million renovation and partial conversion into condominiums, will open Saturday. Guests of the 282 hotel rooms, which start at $715 a night, will be able to summon white-gloved butlers for room service and dine in the historic Palm Court.
3. 15 Central Park West Penthouse Sells For $45 Million: The penthouse at 15 Central Park West has been sold to a hedge fund manager for $45 million, the New York Observer reported. The founder and head of Third Point LLC, Daniel Loeb, bought the 10,674-square-foot apartment, which has five bedrooms, five bathrooms, two half-bathrooms, and a 709-square-foot terrace. The CEO of Marathon Asset Management, Bruce Richards, also bought an apartment in the building this week, a 12th-floor unit for $19.36 million.
4. Maintenance Fees Soared in 2007: Average maintenance fees rose by 30% for co-ops and by 38% for condominiums in 2007, compared to 2002, the New York Times reported. A doorman building now has maintenance fees of about $1.37 a square foot. The rise is attributed to increasing property insurance and tax rates, as well as growing fuel, water, and sewage costs. Some buildings are creating new revenue streams by converting unused spaces into rentable storage areas and raising application fees for buyers.
5. National Chains Pop Up in Brooklyn: National chain restaurants and retailers are flocking to Brooklyn in record numbers, the New York Post reported. International House of Pancakes is planning to add three more in the borough in the coming months. Target is planning a store near Albee Square, and other big retailers including Apple Inc., JCPenney, and Nordstrom Inc. are looking for spaces.
6. Brookfield Withdraws From West Side Bid: Brookfield Properties withdrew its bid for the West Side Rail Yards, but executives said the company is moving forward with a plan to construct a 5.4 million square-foot platform over the rail yard between the Hudson Yards and Pennsylvania Station. It will build two office buildings at the site, at a cost of $600 million.
bhope@nysun.com
