Like many other real estate developers, the Plaza hotel owner El Ad started developing Private residences. Even with the chaos of construction, multiple contracts were sent to interested buyers. Prospective buyers were willing to spend astronomically on the private residences. The Plaza’s prices were high.The basement storage bins were $40,000 a piece. A member had to shell out $10,000 to use the fitness center. The elevated price tag only provoked more interest. Eventually the owner squeezed what value he could out of it making 1.4 billion dollar in sales.
- The moment El Ad started selling Plaza private residences he had the mindset of other condominium developers which was to make the greatest profits as possible.
- To ensure that the condominium sold out El Ad hired a team of real estate brokers and he tasked them with the responsibility of making it sell.
- Lambert’s task of selling the condominium was made more hectic because they didn’t yet exist and by 2005 when she started selling it, it was a complete wreck.
“Alexa Lambert, an agent at the brokerage firm Stribling, was put in charge of marketing the Plaza’s splashy new condominiums. “I’ve never worked so hard in my life,” she said.”