New York City, The world famous Plaza Hotel overlooking Central Park in New York City will convert into a hotel-condominium-and-retail center, according to a Reuters report. The new Plaza will feature 150,000 sq. ft. to 160,000 sq. ft. of retail on a five- or six-level space described as an exclusive department store. The 850-room hotel will close in April and reopen next year, with 150 rooms and some 200 luxury condominiums, in addition to the retail space.