The condominium rooms and suites, now known as the Hotel Residences, will supplement an additional 130 oversized hotel rooms for overnight guests. The 182 private apartment residences at the Plaza are now more than 60 percent sold. Prices for The Hotel Residences will range from $1.6 million to $9 million.

According to Plaza owner and Elad president Miki Naftali, the storied property, buyers will reap the benefits of a newly refurbished interiors, including "the Palm Court, Oak Bar and Grand Ballroom. It's all part of a $350 million lobby to roof renovation."

Each of the 152 Hotel Residences at the Plaza will be available for purchase by individual private buyers who will be able to stay at their hotel condominium residence for up to 120 days a year. Other times the residence will return to the program of rooms and suites offered to hotel guests (or be rented out by individual owners), generating income for the condominium owners. The owner will receive 95 percent of the revenue from the rental program, while the manager receives a 5% management fee. The 95 percent of revenue received by the owner is offset by such expenses as nightly turndown and cleaning fees, a monthly contribution to the hotel's furniture, fixtures and equipment fund, and marketing, among other related expenses.