It seems that fashion multimillionaires are having similar problems with their real estate with news that Jurgen Friedrich has slashed his Plaza Hotel Suite asking price by a staggering $5 million. Hot on the heels of Tommy Hilfiger’s struggles to sell his Plaza Hotel Suite it looks as though we could have something of a race to the bottom. However, shed no tears over these fashion multimillionaires who will still be banking a profit even after their significant expenditure.
Penthouses at the Plaza hotel
As we covered in one of our earlier articles, Tommy Hilfiger has been forced to slash the price of his Plaza Hotel Penthouse having originally listed it at $80 million but now down to a “paltry” $50 million. Now we learn that 78-year-old Jurgen Friedrich has been forced to reduce his price from $39.5 million down to $34.5 million. As if this is not bad enough, records show that after purchasing the property back in 2007 for just $25 million he immediately tried to flip it for $55 million. Unfortunately, he failed………..
A slice of history
It is worth noting that Jurgen Friedrich’s property has 4284 ft.² of living space and three bedrooms. Even now referred to as the “Astor Suite”, there are some very interesting historic ties. We know that former residents include the likes of the Duke and Duchess of Windsor, John F. Kennedy as well as John Jacob Astor (hence the name of the suite). While the original large suite was converted into condos at the turn-of-the-century, it still has a history all of its own.
Royal theme
As if having the Duke and Duchess of Windsor connected with the suite was not enough, Jurgen Friedrich decided on a multi-million dollar renovation after failing to sell the property in 2008. Interestingly, he used the same designers who rebuilt Windsor Castle after the devastating fire which ripped through one of the U.K.’s finest historic buildings. So, what do you get with this Royal theme?
The listing papers suggest not only has the penthouse got an excellent view over Central Park and Fifth Avenue but inside it is stunning. Hand drawn plaster ceilings, antique fireplaces, hand hammered leather walls and English oak panelling say it all. There is even a specially commissioned mosaic of Queen Elizabeth II apparently made out of images of other royals. Something different…..
Moving on
While a $5 million reduction would decimate the wealth of many real estate investors, it is but a small hiccup in the long-term road to real estate success enjoyed by Jurgen Friedrich. Up until recently the suite in question was being rented out, we can only imagine the rental fees, but of late Jurgen Friedrich has retained the penthouse for personal use.
Jurgen Friedrich has also being trying to wind down some of his other real estate investments having tried just a couple of years ago to sell his Southampton estate for $45 million. His Hamptons property in Sag Harbour is on the market for $14.2 million but at the moment there is little interest. If he manages to sell all three properties at anywhere near the asking prices this would bring in over $90 million. So, as we suggested above, do not shed any tears for the real estate drama surrounding Jurgen Friedrich!