FEW developments rode the wave of high prices in the Manhattan residential real estate the way the 181 condominium apartments at the Plaza Hotel did, and few have chilled as much in the downturn.
As it happened, the financial panic on Wall Street last September came just as the Plaza, the city’s most expensive condominium conversion ever, per square foot, was hit by a wave of bad publicity.
There were complaints that the finishes and details did not live up to the building’s luxurious image. A lawsuit by a Russian billionaire who signed up for a $53.5 million penthouse alleged “bait and switch” tactics. The suit and a countersuit by the Plaza were later settled.
