Plans for Plaza Retail Collection set stage for international mecca

Real Estate Weekly, Nov 1, 2006

Plans for the 160,000 s/f Plaza Retail Collection at the restored Fifth Avenue landmark have been unveiled by Miki Naftali, president of Elad Properties, owner of The Plaza.

Hailed as a defining gathering of the world's most luxurious shops, high end boutiques and destination restaurants, the retail mecca will be located in the most elegant and spectacular public spaces within the iconic landmark at the corner of Fifth and Central Park.

The collection will occupy 160,000 s/f on six levels offering New Yorkers and visitors from around the world an unparalleled international shopping and dining experience, graced by restored historic areas seamlessly linked to complementary contemporary interiors.

The fully restored Fifth Avenue entrance will lead to the various worlds of The Plaza--to the retail collection (which will also have its own direct entrance from 58th Street), to the new double height hotel lobby (also with an entrance from West 58th Street), and at the center of it all, the storied Palm Court.

"The life and history of The Plaza will come alive once more, setting the stage for the grand and continuing New York story that is The Plaza's heritage and future," said Naftali. "It will unfold in its wonderful shops, restaurants and fabled ballroom. It will be a place to select a special gift, a place to celebrate, a place to pause for a drink, a meal, a night or a lifetime," he said.

Shoppers and visitors entering the Fifth Avenue lobby will be treated to an interior vista unseen since The Plaza's opening and earliest years--stretching from the Palm Court half a city block in distance to the restored Terrace Room with its elegant retail space.

The Palm Court will feature a 1,200 s/f stained glass ceiling, recreated from historic black and white photos and three colored glass shards recovered from the original 1907 structure.

Shoppers will be able to enjoy their afternoon tea, and then simply cross to the adjoining Terrace Room or cross the corridor to the Edwardian Room to two of the most spectacular retail settings in Manhattan.

The Terrace Room comprises 5,000 s/f on graduated floors plus 1,400 s/f on the mezzanine. The Edwardian Room, fully restored to its 1907 grandeur, is destined to become one of the city's most celebrated and inviting retail destinations, according to Naftali. With some 3,800 s/f on the ground floor and another 1,100 s/f on a mezzanine above, it will be a flagship location for top fashion boutiques.

The Oak Bar and the Oak Room will continue to add to their legends, while the Grand Ballroom will continue to provide an elegant setting for social celebrations. There will be meeting and conference rooms, as well as special bridal suites; the banquet space will total 45,000 s/f. Just below the street level floor will be a new 53,000 s/f concourse. The signature Plaza Retail Collection will also feature a spa, beauty salon and state-of-the-art fitness center with a 100-foot lap pool.

The Plaza will also contain 182 Private Residences and 282 hotel rooms and suites. The hotel will have 152 Hotel Condominium Residences available for purchase, assuring their owners of a gracious perch to meet their personal travel needs. At other times they will function along with 130 other generous rooms to serve overnight guests.

The exclusive leasing agent for the Plaza Retail Collection is Robert K. Futterman & Associates. The retail design architect is TPG Architecture.

Stribling & Associates is the exclusive sales agent for residences with Elad Marketing for the Hotel Residences. The design team includes Gal Nauer Architects, Costas Kondylis and Partners, Walter B. Melvin Architects and Rani Ziss Architects.