Barry Kaye Selling Plaza Hotel Apt for 49.5 Million

Former titan of the insurance industry whose empire went bust in 2009, Barry Kaye, is selling his apartment at Manhattan’s famed Plaza Hotel for $49.5 million, as was first reported in The New York Daily News.

There is no word yet on where Kaye and his wife are planning to move to, but maybe he will use some of the money to make up for the promised $16 million in contributions to Florida Atlantic University that he reneged on when his company went bust.

The apartment was created by combining two former state rooms on the third floor of the Plaza. It has three bedrooms and 3, 412 square feet of space. The master bedroom comes with two bathrooms, one of which is completely covered in onyx, black lacquer, and wall-to-wall mirrors, and two walk in closets. The entire apartment has electric shades.

Its huge living room has a 13 foot high ceiling with a recessed coffer, two high windows and is currently decorated in a black and white Venetian motif. The dining room has Chinese Red French paneling with mercury glass on the walls.

The new owners will have use of the hotels spa and gym and get a great view of Central Park.

Listing broker Laurence Kaiser, who has the exclusive alongside Craig Dix, told the Daily News, “Having been in this business for 50 years, I know when to exaggerate and when not to, and I say this is superb.”

The Plaza is located at 768 Fifth Ave on the corner of 59th Street – where it is known as Central Park South – and its third floor was once used as private residences for visiting heads of state who would entertain there.

“People used to be afraid of elevators so they didn’t want to be on the high floors. This is where they wanted to be, ” Kaiser said.

Kaye and his wife Carol stand to make a substantial profit in the apartment which they acquired in 2008 for only $13.6 million.