The El-Ad Group is an

Israel Israel (; he, יִשְׂרָאֵל, ; ar, إِسْرَائِيل, ), officially the State of Israel ( he, מְדִינַת יִשְׂרָאֵל, label=none, translit=Medīnat Yīsrāʾēl; ), is a country in Western Asia. It is situated ...

-based

American American(s) may refer to: * American, something of, from, or related to the United States of America, commonly known as the "United States" or "America" ** Americans, citizens and nationals of the United States of America ** American ancestry, pe ...

real estate development Real estate development, or property development, is a business process, encompassing activities that range from the renovation and re- lease of existing buildings to the purchase of raw land and the sale of developed land or parcels to other ...

company. The group controls many subsidiaries including Elad Properties, which is based in

New York City New York, often called New York City or NYC, is the List of United States cities by population, most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the L ...

, Elad Florida and El-Ad Canada, which is based in

Toronto, Ontario Toronto ( ; or ) is the capital city of the Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the most populous city in Canada and the fourth most populous city in North America. The city is the ancho ...

. Collectively, the El-Ad Group owns many landmarks across North America, including the historic

Plaza Hotel The Plaza Hotel (also known as The Plaza) is a luxury hotel and condominium apartment building in Midtown Manhattan in New York City. It is located on the western side of Grand Army Plaza, after which it is named, just west of Fifth Avenue, ...

, The Grand Madison and the

Metropolitan Life Insurance Company Tower The Metropolitan Life Insurance Company Tower (colloquially known as the Met Life Tower and also as the South Building) is a skyscraper occupying a full block in the Flatiron District of Manhattan in New York City. The building is composed of ...

. The El-Ad Group is owned by

Yitzhak Tshuva Yitzhak Tshuva ( he, יצחק תשובה; born July 7, 1948) is an Israeli billionaire businessman. He is the chairman of El-Ad Group, which owned the New York Plaza Hotel. He also owns the Israeli conglomerate Delek Group. In 2014, he was liste ...

, an

Israeli Israeli may refer to: * Something of, from, or related to the State of Israel * Israelis, citizens or permanent residents of the State of Israel * Modern Hebrew, a language * ''Israeli'' (newspaper), published from 2006 to 2008 * Guni Israeli (b ...

businessman. In May 2007, Elad Properties purchased the

New Frontier Hotel and Casino The New Frontier (formerly Hotel Last Frontier and The Frontier) was a hotel and casino on the Las Vegas Strip in Paradise, Nevada. The property began as a casino and dance club known as Pair O' Dice, opened in 1931. It was sold in 1941, and inco ...

Las Vegas, Nevada Las Vegas (; Spanish for "The Meadows"), often known simply as Vegas, is the 25th-most populous city in the United States, the most populous city in the state of Nevada, and the county seat of Clark County. The city anchors the Las Vega ...

for $1.2 billion. The project went bankrupt, and was halted indefinitely.

Subsidiaries

Middle East

Elad Hotels Ltd. took a controlling interest in the 6-hotel Sheraton Moriah Israel hotel chain.

North America

Elad Properties is a

real estate developer Real estate development, or property development, is a business process, encompassing activities that range from the renovation and re- lease of existing buildings to the purchase of raw land and the sale of developed land or parcels to othe ...

based in

, with extensive holdings in the

United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country Continental United States, primarily located in North America. It consists of 50 U.S. state, states, a Washington, D.C., ...

, primarily

. The flagship property of Elad Properties, New York, is the

Central Park South 59th Street is a crosstown street in the New York City borough of Manhattan, running from York Avenue and Sutton Place on the East Side of Manhattan to the West Side Highway on the West Side. The three-block portion between Columbus Circle an ...

, bought by ElAd affiliate CPS One LLC, and reopened March 1, 2008. ElAd Properties is run by CEO Udi Erez. Established in 2004 to spearhead expansion into the southeast, El Ad National Properties began as an affiliation between El Ad Group Florida and El Ad Group Canada, and today runs properties in ten states with a focus on the south, the Midwest and northeastern United States. 55% of Elad National Properties' portfolio are rentals. Through a joint venture, El Ad National Properties controls Element National Management, a property management company. In 2007, the company expanded its holding in

Los Angeles Los Angeles ( ; es, Los Ángeles, link=no , ), often referred to by its initials L.A., is the largest city in the state of California and the second most populous city in the United States after New York City, as well as one of the world ...

, purchasing land between

Beverly Hills Beverly Hills is a city located in Los Angeles County, California. A notable and historic suburb of Greater Los Angeles, it is in a wealthy area immediately southwest of the Hollywood Hills, approximately northwest of downtown Los Angeles. ...

and Westwood as part of a $330 million development deal. Miki Naftali, the former CEO, launched and guided Elad’s successful New York operation and its expansion across the country and around the globe. The highlight of Elad’s portfolio is New York’s Plaza Hotel. The storied landmark has undergone a $450 million renovation. Elad will also be expanding The Plaza brand to cities around the world, including Boston, Los Angeles, Paris, London, Tokyo and Shanghai. Naftali is developing the last high-rise luxury condo on the Wilshire Corridor in Los Angeles and is planning a luxury high-rise in New York City designed by Daniel Libeskind. He is leading Elad into Singapore by creating a major residential, commercial, retail and hotel complex designed by Sir Norman Foster. Naftali also oversees Elad’s activities in other premier North American markets. Elad Canada’s residential and commercial developments are principally located in the Montreal, Toronto and Ottawa areas, and include more than 12,000 residential units, many in newly created attractive neighborhoods, and over of commercial, retail and industrial space. Elad National has a growing presence in Florida, Texas, Maryland, North Carolina, South Carolina, Georgia, Michigan, Illinois, Indiana and Massachusetts.

Far East

ElAd Group runs several joint ventures with local companies in India and Singapore. In 2007, Elad Far East was established via a partnership deal with China's Zeg Investments.

Controversies

Elad's purchase of New York City's

caused great controversy in 2004. But as the hotel was readied for opening on March 1, 2008, ''

The New York Times ''The New York Times'' (''the Times'', ''NYT'', or the Gray Lady) is a daily newspaper based in New York City with a worldwide readership reported in 2020 to comprise a declining 840,000 paid print subscribers, and a growing 6 million paid ...

'' observed, Tshuva and Peter Ward, president of the New York's hotel workers' union, had reconciled their differences: "It was a big change from early 2005, when Mr. Ward vowed to block Mr. Tshuva's plans to convert most of the hotel into luxury condos and reconfigure some of its

Edwardian The Edwardian era or Edwardian period of British history spanned the reign of King Edward VII, 1901 to 1910 and is sometimes extended to the start of the First World War. The death of Queen Victoria in January 1901 marked the end of the Victori ...

public spaces into upscale shops, moves he contended would force union members out of work". On May 15, 2007, the company announced plans to purchase the

on the

Las Vegas Strip The Las Vegas Strip is a stretch of Las Vegas Boulevard South in Clark County, Nevada, that is known for its concentration of resort hotels and casinos. The Strip, as it is known, is about long, and is immediately south of the Las Vegas cit ...

, with plans to raze the current structure and build a new resort to be branded as Las Vegas Plaza. It sold for a record $33 million per

acre The acre is a unit of land area used in the imperial and US customary systems. It is traditionally defined as the area of one chain by one furlong (66 by 660 feet), which is exactly equal to 10 square chains, of a square mile, 4,840 square ...

. In August 2007, Elad Properties faced a lawsuit between itself and the Plaza Hotel & Casino owner, Tamares Group.

Holdings

O'Neill Building The O'Neill Building is a landmarked former department store, located at 655-671 Sixth Avenue between West 20th and 21st Streets in the Flatiron District neighborhood of Manhattan, New York City. The building was originally Hugh O'Neill's Dry G ...

* The Grand Madison *

21 Astor Place Astor Place is a one-block street in NoHo/ East Village, in the lower part of the New York City borough of Manhattan. It runs from Broadway in the west (just below East 8th Street) to Lafayette Street. The street encompasses two plazas at th ...

* The Link REIT *

References

{{reflist Financial services companies of Israel Filling stations in Israel Israeli brands Real estate companies of Israel Oil and gas companies of Israel