September 20, 2007 / 9:26 AM / in 11 years

Israeli firm plans Manhattan's highest residence

Real Estate Company Elad Group's New Frontier Hotel & Casino is shown in this photo in Las Vegas, Nevada May 16, 2007. The Elad Group, owned by Israeli billionaire Yitzhak Tshuva, plans to build New York's tallest residential building in a $450 million deal, an industry source said on Thursday. REUTERS/Steve Marcus

JERUSALEM (Reuters) - Real estate company Elad Group, owned by Israeli billionaire Yitzhak Tshuva, plans to build New York’s tallest residential building in a $450 million deal, an industry source said on Thursday.

Elad, which also owns New York’s Plaza Hotel, plans to construct an additional 75 floors on top of an existing 20-story building, said the source, who asked not to be named.

Elad officials were not immediately available for comment.

The Madison Avenue building will stand 274 meters (899 feet) tall.

Building plans are currently being examined by the New York City municipality and are subject to regulatory approval, Israeli daily Yedioth Ahronoth said.

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