The Plaza is so classic. I mean, yeah, it could use a good touch up...but if it ain't broke, don't fix it. You'd have to be a sick puppy to even want to turn this place into condos.
Elad bought the place and wanted to turn a good chunk of it into condos and retail space. Its been an epidemic sweeping through hotels lately in New York City.
Its going to re-open though in a couple of years. The original idea that this Elad property group had was to put an escalator through the Grand Ballroom or something like that.