Elad Properties CEO resigns

NEW YORK CITY The CEO of Elad Properties has resigned, just days after a dispute between the company’s Plaza Hotel and its Oak Room resulted in the iconic restaurant’s closing.

Miki Naftali, who spearheaded Elad’s 2004 acquisition of The Plaza, says the dispute with Oak Room management that has created dueling lawsuits played no role in his departure. “This is something that I decided a few months ago,” Naftali tells New York Post. He plans to start a New York-focused real-estate venture of his own.

Naftali continues to hold a 49% stake in Elad Properties and will remain as chairman of sister company Elad Canada.

Along with The Plaza in New York City, Elad controls the Las Vegas Strip property on which New Frontier Hotel and Casino once stood. Elad plans to open The Plaza Las Vegas on the site, although the US$5 billion development has been stalled since the onset of the global financial crisis in 2008.