(http://www.nyc-architecture.com/UES/UES017.htm)
What comes to mind when you hear the words Gossip Girl, Hermes, or Central Park? All of these are located in the Upper East Side Historic District. Its zip codes are 10021 and 10022, two of the nation’s most prestigious zip codes. The UES starts from East 59th Street all the up to East 78th Street, from Fifth Avenue to Third Avenue. Ever since the early 20th Century, the the city’s movers and shakers called the Upper East Side their home. This neighborhood boasts some of the most elaborate and ornate architecture, mainly apartments and row houses belonging to the affluent. During the depression, residences and hotels saw a slower stream of tenants and guests. Today, the real estate industry still recognizes the Upper East Side district one of the most valuable neighborhoods in New York City.
(http://online.wsj.com)
(http://en.m.wikipedia.org/wiki/File:The_Pierre_Facade.jpg)
In 1930, Charles Pierre Casalasco, former headwaiter led the construction of The Hotel Pierre on Fifth Avenue and 61st Street. Pierre Casalasco worked as a pageboy under his father, Jacques Pierre, who owned Monte Carlo’s Hotel Anglais. He immigrated to New York and began working at Sherry’s where he met influential figures including “J.P. Morgan, the Astors and the Vanderbilts” (Taj Hotels). With a wealth of experience, an entrepreneurial mindset, and financial backing from New York’s most powerful families, he launched his project during the Great Depression of 1929, The Pierre, which costs $15million to build. Pierre Casalasco contracted architecture firm Schulze & Weaver, the same firm that designed the Waldorf-Astoria Hotel. 41 stories high, the Georgian-style hotel is best known for the rotunda in the lobby, decorated by frescoes of nymphes and fauns. On October 1930, the Pierre opened for business.
Business boomed for The Pierre upon its grand opening. The Pierre served only those who could afford its decadence. The hotel could not keep up with the diminishing economy and the amount of guests dwindled until finally in 1932 when Charles Pierre Casalasco filed for bankruptcy. Six years following its bankruptcy, John Paul Getty, an oil baron bought the Pierre Hotel for $2.5million, one-sixth of the original value, demonstrating how detrimental the depression was to realty.
(http://www.booked.net/hotel/the-pierre-a-taj-hotel-new-york-ny-42388#overviewtab)
The Pierre recently underwent a $100 million renovation that spanned eighteen months and reopened in September 2009. Most of the original 700 rooms were transformed into 80 spacious apartments. A newly converted triplex penthouse racked up a price tag of $70 million until it was taken off market in 2008. Today, The Pierre operates under the ownership and management of Taj Hotels Resorts and Palaces. Upon further observation of its stock trends since 2012, their stocks rose sharply after their reopening and slumped ever since the end of 2010. In 2011, New York’s tourism industry saw records sales of $48 billion among 50.2 million tourist. Despite high sales and high traffic, more visitors strayed away from luxury hotels as an option. The Pierre’s hefty price tag currently stands at $694 per night. Even with the Euro-USD conversion, even spendthrift Europeans want to save a couple euros.
(http://www.propertyinvestmentproject.co.uk/blog/wicked-penthouses-with-wicked-views/)
Le Caprice currently serves the patrons of the Pierre Hotel, the brasserie-style restaurant revisits ’60s-era France with its polished black walls and white floor, pink orchids, and vintage black and white photography. Previously, this restaurant was Café Pierre. Café Pierre translated French haute cuisine to the Upper East Side with the Pierre Salad, foie gras, and wine-braised short ribs. black and white photography hung on the walls. For the most part, Cafe Pierre maintained traditional French cuisine and upscale service as it did in its opening in 1930, evoking the same atmosphere of a French palace dining room.
(http://www.hauteliving.com/wp-content/uploads/2010/07/Le-caprice.jpg)
The Pierre represents one of many buildings that have experienced the effects of the Depression firsthand and have since then exploded in prosperity considering New Yorkers now host parties and weddings in ballrooms that cost at least $38,000. The triplex penthouse now cost $70 million. The Pierre exemplifies what kind of folk live in the Upper East Side and leave those who wish to live there in admiration.
Bibliography
Ramirez, A. (2007, Dec 29). The pierre, it turns out, isnt ageless and needs fixing up. New York Times (1923-Current File),pp. B1. Retrieved from http://search.proquest.com/docview/848092273?accountid=8500
Landro, L. (2010, Jan 23). The finicky traveler: New york glamour goes uptown — the pierre, remade for $100 million, is swank, if not quite soundproof. Wall Street Journal, pp. W.5-W.5. Retrieved from http://search.proquest.com/docview/399092803?accountid=8500
Merryn somerset webb: No upside in these knock-down prices. (2009). FT.Com, , n/a. Retrieved from http://search.proquest.com/docview/229266938?accountid=8500
“The Hotel Pierre.” NYC Architecture. Web. 24 Mar 2012. <http://www.nyc-architecture.com/UES/UES017.htm>.
“Cafe Pierre.” New York Magazine. N.p., n.d. Web. 24 Mar 2012. <http://nymag.com/listings/restaurant/cafe-pierre/>.
“The Pierre.” Taj Hotel Manhattan. N.p., n.d. Web. 2 April 2012. <http://www.tajhotels.com/Luxury/Grand-Palaces-And-Iconic-Hotels/The-Pierre-New-York/History-And-Heritage.html>.
“Taj GVK Hotels & Resorts.” Moneycontrol.com. N.p., n.d. Web. 2 April 2012. http://www.moneycontrol.com/india/stockpricequote/hotels/tajgvkhotelsresorts/TGV>.
*** Trivia: Celebrities who stayed at the Pierre***
From the music industry: Mick Jagger, Frank Sinatra, Elton John, Sheryl Crow
From the fashion industry: Coco Chanel, Yves St. Laurent, Karl Lagerfeld, Tory Burch
From royalty and politics: Queen Elizabeth II and Prince Philip of England, Princess Grace of Monaco, Lyndon Johnson, Bill Clinton, Chelsea Clinton
