Smucker Family Secures Major Gain Selling Plaza Hotel Home

Smucker Family Secures Major Gain Selling Plaza Hotel Home

The eighth generation of the famed Smucker family recently made headlines with their real estate dealings at the iconic Plaza Hotel, showcasing a sweet financial victory despite initial setbacks.

Tim and Jenny Smucker decided to part ways with their one-bedroom pied-à-terre through an auction, ultimately fetching $1.9 million, marking a slight decrease from its original purchase price of $2.95 million in 2021. Despite the apparent loss, the Smuckers’ spirits remained high as the transaction unfolded at the coveted 768 Fifth Ave address.

The allure of the Plaza Hotel’s private terrace was not lost on the Smuckers, prompting them to dive into a larger investment within the same building. The co-CEOs of the J.M. Smucker Company, known for its ubiquitous jam jars in American stores, acquired a spacious 1,212-square-foot residence on the ninth floor for $3.7 million. This new abode boasts exquisite features like 12-foot-high ceilings, a bedroom with a walk-in closet and spa-like bath, and a sprawling living/dining room offering unparalleled Central Park vistas.

Opting for discretion, the Smuckers made the purchase through a secretive entity, Spring Row Holdings, based in their native Akron, Ohio. This strategic move coincided with a favorable market for buyers, as insider tips revealed a dip in prices and exciting opportunities within the Plaza’s real estate landscape.

In a truly exclusive reveal, the family’s upgraded unit now stands as the largest one-bedroom dwelling in the Plaza, adorned with intricate details such as herringbone hardwood floors, crown moldings, and hand-painted walls. The kitchen area and overall aesthetic of the new pied-à-terre exude opulence and sophistication, a fitting match for the prestigious Plaza Hotel.

The Smuckers’ previous pied-à-terre, No. 508, may have been smaller at 782 square feet, but its charming terrace overlooking the Plaza’s courtyard and fountain offered a serene retreat within the bustling cityscape. Nestled near historic neighbors like John Jacob Astor, the Duke and Duchess of Windsor, and prominent figures like President John F. Kennedy, the petite residence held its own allure amidst the Plaza’s rich history.

Facilitating the auction of their former property was the Ohio-based Kiko Auctions, a company renowned for handling diverse auctions, including the sale of the Smuckers’ Plaza pied-à-terre. With Eileen McGill of Elegran Forbes Global Properties and Peter R. Kiko overseeing the transaction, the event unfolded seamlessly, leading to the Smuckers’ successful transition to a luxurious and upgraded living space within the Plaza Hotel.

As the Smucker family embarks on this exciting chapter of their real estate journey, their dedication to quality and elegance shines through in their choice of residence. With a blend of tradition and modern sophistication, the Smuckers’ Plaza Hotel saga exemplifies a harmonious balance between heritage and contemporary living, setting a benchmark for refined living in the heart of New York City.

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