A former hotel with compact rental-friendly apartments
When the Executive Plaza was constructed in 1926, the 21-story Spanish Renaissance building designed by H. Craig Severance was one of the largest hotels in Manhattan. Opened as the Manger Hotel, it was advertised as "The Wonder of New York, A Modern Marble Palace." The hotel claimed to have 2,000 rooms (it was more like 1,750), and rates started at $2.50 a night. The hotel connected to the Roxy Theatre, which, with a capacity of more than 6,000, was the largest movie theater in the world.
The property changed hands in 1931 and was renamed the Hotel Taft in honor of President William Howard Taft. Popular with tourists, it housed a grand lobby, a coffee shop, a tap room and a grill that hosted performances by musicians such as Artie Shaw, Xavier Cugat and Glenn Miller.
Occupancy waned in the '60s and '70s, and in 1986, the building was converted to a mixed-use property to house a hotel, retail and restaurant storefronts and condos starting on the seventh floor.
At the project's inception, the condo's units were not intended to serve as buyers' primary residences. "It's for the fellow who has a rather extensive house in Greenwich or on Long Island and who needs a Monday-to-Friday place in town," developer Steven Goodstein of Taft Partners Development Group told The New York Times in 1984.
The 445-unit condo's pied-a-terres-friendly policy continues to support that function, but many apartments now also serve as short-term rentals with a minimum 30-night stay managed by Empire State Properties. "Many people purchase the units as an investment. It's convenient for short-term rentals," says Amy Wang, a SERHANT associate broker who has sold several apartments in the building. "Short-term rentals are more profitable than long-term rentals."
Indeed, in 2015, The New York Times published a list of the Manhattan buildings with the highest number of apartments that are not primary residences. With nearly 75% of the apartments not owner-occupied, the Executive Plaza took the top spot.
Mostly one-bedrooms with lower common charges
Homes at the Executive Plaza range in size from studios to three-bedrooms, with one-bedrooms making up the majority. Apartments skew small. "It's the center of Midtown, so they're not spacious," says Wang. "But the common charges are pretty reasonable." (Common charges for a studio are about $400.) Studios measuring up to 544 square feet list for up to $570,000. Most one-bedroom units measure between 500 and 600 square feet and sell for between $600,000 and $850,000. Two-bedroom residences up to 1,200 square feet can ask as much as $1.1 million, and three-bedroom apartments list for $1.3 million or more.
A concierge, 24-door attendant, and two furnished roof decks, but no pets
Executive Plaza is a full-service building with a concierge and 24-hour doorman. It has two landscaped and furnished rooftop terraces that offer a glimpse of Central Park, a gym and a recently renovated laundry room. Valet service is available, and there is a parking garage attached to the building. The building has a no-pet policy.
Busy Times Square location near NYC landmarks and culture
Executive Plaza is surrounded by the activity and options of Times Square, which, of course, includes many tourists and hotels, but is also convenient for employees who work in Midtown. "It's the center of Midtown," says Wang. "It's close to Central Park, Rockefeller Center and many big office buildings."
The Michelangelo Hotel occupies a portion of the building, and street-level businesses include a Dunkin', souvenir stores, a deli, a pizza shop and a steak and seafood restaurant. For groceries, a Food Emporium and Amish Kitchen are located at Eighth Avenue and 49th Street. The Winter Garden Theatre is across the street, and many Broadway theaters are within a few blocks radius. Michelin-starred French restaurant Le Bernardin is down the block. Rockefeller Center, Radio City Music Hall, The Museum of Modern Art and Carnegie Hall can all be reached in 10 minutes or fewer on foot.
Incredible public transit access for travel within and out of Manhattan
Public transit options surround Executive Plaza. The B, D and E trains stop at Seventh Avenue and East 53rd Street, two blocks away. The 1 and 2 trains are at Broadway and 50th Street, the N, Q, R and W are at Seventh Avenue and 49th Street and the A, C and E stop at 50th St. and Eight Avenue. The B, D, F and M can be caught at Rockefeller Center. The trip to Newark Airport is about 40 minutes by car.
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Quantarium
Current List Price
Sold Price
Area Factors
Moderate Crime
Crime Score®
6/ 10
Biker's Paradise
Bike Score®
92/ 100
Walker's Paradise
Walk Score®
98/ 100
Rider's Paradise
Transit Score®
100/ 100
Sources: WhatIsMyCrimeRisk.com, Walk Score
Sources: WhatIsMyCrimeRisk.com, Walk Score
WhatIsMyCrimeRisk.com, Powered by CAP Index provides objective, accurate, and consistent data to help measure, compare, and mitigate crime risks. Walk Score® measures the walkability of any address. Transit Score® measures access to public transit. Bike Score® measures the bikeability of any address.
Sound Score® measures the noise level of any address. Environmental risk data is provided by First Street Foundation® and is designed to approximate risk and not intended to include all possible scenarios.
Parks in this Area
745 Plaza
2 min walk
Picnic Area
Channel Gardens
7 min walk
Picnic Area
Nature Center
Ramon Aponte Park
9 min walk
Playground
Waterpark
MMC Plaza
9 min walk
Picnic Area
50th Street Commons
10 min walk
Picnic Area
Three Bryant Park
11 min walk
Picnic Area
Hell's Kitchen Park
12 min walk
Basketball
Tennis
Trails
McCaffrey Playground
13 min walk
Basketball
Playground
Waterpark
Grand Army Plaza
14 min walk
Schools
Source:
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