Eloise isn’t the only one who kept a Plaza secret.
The Plaza’s big shocker wasn’t so shocking to the people who live there.
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.
Manera said he first heard about the plan “early this year.”
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.
According to a statement from Plaza management: the timeline estimated is “due to the complexity of this undertaking and significant intrusion to 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.
Brokers with clients inside say the answer is no.
Douglas Elliman’s Michael Passoro said owners he works with went straight to building staff once word got out. “They had confirmed with the doorman and management that residents will continue to live there,” he said.
Owners come and go through their own entrance on the 58th Street side, cut off from the hotel.
“The residential lobby is in a completely different space to the hotel,” Manera said.
What residents do lose is the glamour. 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. Scaffolding is also likely to wrap the building’s marble and brick facade for years.
Buyer’s market
The bigger fallout may be on the sales floor, where The Plaza was already a tough sell.
“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.
He closed a $10.625 million deal in the building in February 2025, and said the sale came with a cloud hanging over it. “I think there have been rumors for the last couple years that this might happen,” he said.
“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. “I don’t know if [the shutdown] played into their decision at all, but it’s gonna be tough.”
Now bargain hunters smell blood.
“I think it is going to be difficult to sell in the building over the next couple years,” Passoro said. “Negotiability, I think it’s just gone up for anybody that’s looking possibly to purchase in the building.”
He expects nearby trophy towers along Billionaires’ Row and Central Park South to scoop up shoppers who’d rather skip the hard 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.
The building has already seen some painful 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. They recently listed their Plaza hotel penthouse for $45 million. Smucker’s heir Tim Smucker took a haircut on a one-bedroom he sold at auction.
Owners also face a second renovation problem that Fairmont’s facade fix won’t touch. Many units date to the mid-2000s condo conversion and need serious updating, and that bill lands on individual owners, not the hotel.
The long game
Still, both brokers argue the patient money wins.
“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.
“The thing is that buildings need maintenance, they need care, they need upkeep. And if they don’t get them, then they fall into disrepair,” he added.
Once the scaffolding comes down, Manera predicts a rush.
“Once people experience The Plaza in its renovated format, it’s going to be a slingshot for sales,” he said.
Passoro agreed. “It’s a short-term inconvenience for a long-term gain,” he said.
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.
The Plaza’s 378 union workers will be allowed back at the same pay when it reopens, according to the Hotel & Gaming Trades Council, which says it will try to place them elsewhere in the meantime.
Until then, New Yorkers and tourists have one final holiday season to get their fix, whether that’s tea at the Palm Court or a night in the pink Eloise Suite, which runs north of $4,000.
“Short term, there may be a little bit of pain, but long term, it’s going to be a gain, not just for the residents and the hotel guests, but for all of New York City,” Manera said.
Fairmont did not immediately respond to a request for comment.