NYC Luxury Real Estate: Steve Wynn Rolls Dice on Plaza Penthouse

By Lisa Selin Davis | Posted Jul 15th 2010 12:20PM

Updated Jul 15th 2010 3:18PM

Since the Plaza in New York City began its conversion from hotel to condos in 2004, there's been nothing but controversy. First, what would happen to Eloise, its most famous fictional resident? Then there were the record-breaking prices and the subsequent grumblings, accusations and lawsuits. Even so, the units were snatched up -- bought, if not lived in.

That seems to be the case with a penthouse unit on the 20th floor. Hotel and casino mogul Steve Wynn is now the proud owner of said home, one of the largest units, thanks to the previous buyer's reneging on the contract. According to The Wall Street Journal, that buyer claimed the apartment delivered was markedly different than the one promised. The matter is still bandying about the courts.

The price for such swanky digs?
A mere pittance. Wynn reportedly paid $23 million, a million less than the asking price; though the original asking price in 2007 was $31 million.

We're pretty sure this Streeteasy listing is the unit in question, promising "A nine room penthouse duplex on the Plaza's northwest corner that truly lives like a 'house in the sky.' Accessed by a 45-foot entry foyer with both sweeping circular staircase and private elevator, this classic home offers up to four bedrooms plus a library." It includes a wood-burning fireplace and several terraces.

Should we take that as a reflection of the current market, where the recession has shaved $8 million off the price tag of luxury apartments? Or a sign that the Plaza's conversion is cursed?

According to this report on the state of the luxury market, all's well in the world of high-priced real estate. "Sales have doubled in volume in the first quarter of 2010 versus the same quarter of 2009," writes luxury broker Elizabeth Stribling. "The free fall in spiraling downward prices reached bottom in late summer of 2009 as pent-up demand began to scoop up bargain prices."

If you look at it that way -- a $23 million bargain -- Steve Wynn's gamble just might pay off.

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Reader Comments (7)

by Les - July 16th 2010 @ 7:04AM

just Give me one week in that penthouse. Love to see how the other side lives

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by Kenneth - July 16th 2010 @ 8:32AM

Want to make a bet? Whether Steve Wynne used his own money or that of one of his Corporations? I would bet on the latter. Incidentally, any view he might get from a NYC penthouse would be wasted, as he is nearly blind.

by airscapes - July 16th 2010 @ 9:09AM

Steve Wynn's personal worth far exceeds the $23 mil. And if he bought it through the corporation, so be it. His business guests will probably spend more time there than he will. His guests may well be your state representative or maybe even your mayor, who want something for free. Those are the guys we should be blogging about. When Wynn sold out in 2000 for about $6bil, I'm sure he put some away. His $500mil art collection, much of it personal, could easily be used as collateral to borrow a mere $23mil. And Mr. Wynn can still see, but it is as through a tunnel. His investment in retinitus pigmentosa research through the Wynn Foundation has brought eye implants, stem cell, nutrition and enzyme technology to him and the market that would not have been available had he not committed to a cure.

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by RYAN - July 16th 2010 @ 9:12AM

The thing is,23 mil is nothing to Wynn,his casino in Vegas cost nearly 3 billion to build so 23 mil to him is like one of us finding some change in the washing machine after we did a load of clothes.....

by Mike - July 16th 2010 @ 11:40AM

Looks like a new page. Good luck with it. I hope this can represent realestate all over the country, and not just the largest cities in the biggest states. I watch some of the home shows on TV and they are overly concerned about California, New York, and maybe the Miami Florida area. But I see little to nothing about small town America, or other states. States like Indiana, Oklahoma, West Virginia, South Carolina, Oregon, and Idaho for example might as well not exist, but I sure see the prices in Orange county California, or Westchester County, or Long Island New York. But I never see anything from Utica, Albany, Syracuse or Dunkirk New York for that matter. Housing is so much cheaper in the smaller cities and towns, especially in the midwest and south, honestly you can get triple the house, half the crime rate, good public schools and no traffic problems moving from a large city to a small town. And the people are nice to you, we moved in and neighbors brought over brownies the first day, the guy across the street cut my lawn to introduce himself. We lived in Queens Astoria New York City and it took 2 years to know the names of 1/2 the people living on our floor - not as friends, just to know their names.
I miss the culture, non-stop activities - but I love my small town more.

Mike

by Kathy Quaty - July 16th 2010 @ 1:04PM

u know what, this story is a waste of f-in space, is somebody getting paid to report this drivel???? tell me honestly, who gives a rat's azz what Steve f-ing Wynn, or any other filthyrich mofo buys or if he's gonna make a f-ing profit, of COURSE he will >:| lol damnit, cuz here i am eatin a70cent can of f-in starkist tuna,lol...

by rookie - July 16th 2010 @ 3:32PM

Apparently you do, otherwise you would have not read the article and posted a reply. Hypocrite.

7 Comments / 1 Pages