New York

Plaza retail in rough shape

Steve Cuozzo says that the Plaza hotel is on tough times. The building’s lower level Grand Concourse has few restaurants and retail spots, and the space is netting just $150 to $175 per square foot. The hotel’s commercial space — which luxury British retailer Harrods once considered renting — now “has all the charm of a suburban outlet mall,” according to Cuozzo. Kristin Franzese, vice president of retail with the Elad Group, which owns the Plaza, reportedly said that the hotel will be welcoming new stores soon, including two next week, but did not specify which stores are coming.

COMPANIES AND PEOPLE

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New York

Plaza retail in rough shape

Steve Cuozzo says that the Plaza hotel is on tough times. The building’s lower level Grand Concourse has few restaurants and retail spots, and the space is netting just $150 to $175 per square foot. The hotel’s commercial space — which luxury British retailer Harrods once considered renting — now “has all the charm of a suburban outlet mall,” according to Cuozzo. Kristin Franzese, vice president of retail with the Elad Group, which owns the Plaza, reportedly said that the hotel will be welcoming new stores soon, including two next week, but did not specify which stores are coming.

COMPANIES AND PEOPLE

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