The Plaza Hotel Is Closing for 4 Years—Here’s What That Means for Its Condo Residents

Next year, New York's iconic Plaza Hotel will close for renovations—and it's unclear what that means for the owners of its 181 luxury condo units. But the building's lead broker says he isn't worried it'll affect residents much.

On Wednesday, the hotel's management company, Fairmont Hotels and Resorts, announced that the storied Central Park hotel would close starting in 2027 for a full exterior renovation. The project is expected to take around four years.

"The Plaza Hotel is advancing plans for repair and restoration works to its landmark-protected façade," Fairmont said in a statement. "The undertaking reflects the complexity of maintaining a property of such architectural and historical significance, with careful consideration given to preservation requirements and the building’s long-term care, as well as the safety of our guests, employees, and the wider community."

At The Plaza, where a themed suite can cost as much as $20,000 a night, guests pay a premium for the luxury and the opportunity to revel in its history.

Henry Janeway Hardenbergh designed the historic French chateau-style property, built in 1907 for $12.5 million (about $400 million today). It's had numerous owners—including Donald Trump, who put it in bankruptcy protection while overseeing it and sold it at an $83 million loss.

Over the years, it's hosted luminaries such as F. Scott Fitzgerald, Frank Sinatra, Marilyn Monroe, and perhaps most notably, the fictional children's book character Eloise. It's also been heavily featured in movies and TV shows, including "Home Alone 2: Lost in New York" and "Gossip Girl."

In 2005, El Ad Properties bought the building for $675 million and shuttered it for a full renovation. The original 805 rooms were converted into 284 hotel rooms and 181 condos, which opened in 2008.

Charlie Attias has served as the building's lead broker ever since.

Attias says he isn't worried the hotel's closure will adversely affect condo residents because the hotel and condo units operate separately.

Though the condos are technically in the same building as the hotel rooms, they have "a different staff, a different lobby, different entrance, and different elevators," he says.

For example, while the hotel's entrance is on 5th Avenue, condo residents enter on Central Park South.

"You're not mixed up with the hotel guests and the hotel rooms and hotel lobby and all that," he continued. "I don't think this is going to have an effect on their day-to-day life."

The upcoming renovation appears to be required by the New York City Landmarks Preservation Commission under a Restrictive Declaration the hotel agreed to in 2006 when it first applied to convert some of its units to condos. The commission designated the hotel a city landmark in 1969.

"As required by the special permit, the property owner will undertake a significant renovation
program for the Landmark Interior spaces as well as the building’s façade and roof, to restore the
Plaza to its former grandeur," the 2006 City Planning Commission declaration reads. "The owner will be required to maintain the building in such state in perpetuity."

The closure will leave The Plaza's 378 staff members out of work. However, under the agreement with the Hotel & Gaming Trades Council, the union representing Plaza employees, they can return to their jobs when the hotel reopens at their current salaries.

It's unclear whether the restaurants, spa, and salon operating within the hotel will also be forced to close.

Over the years, interest in the condos has waxed and waned as the units have struggled to compete with glitzier, newer addresses. Currently, 30 of the 181 units are listed for sale, ranging from a 476-square-foot studio for $810,000 to a seven-bedroom, 10,000-square-foot penthouse for $45 million.

“The first thing that comes to mind is the amenities,” Bernice Leventhal of the Corcoran Group told the New York Post in 2024. “The Plaza has basic amenities compared with these new buildings, which are so highly amenitized.”

But Attias believes that no matter the competition, The Plaza condos will always be a draw.

"It's a landmark building. It's the most recognizable building. It's a great location across from Central Park," he says. "It's the most beautiful building in the world.