Josh Kovacs, played by Ben Stiller, is the dedicated building manager of The Tower, an upscale luxury apartment complex located on Central Park West in New York City. Among his staff are concierge Charlie, portrayed by Casey Affleck, who is anticipating the arrival of his first child with Josh's sister, and Enrique, a newly hired elevator operator. The team also includes Lester, a doorman nearing retirement, Odessa, a Jamaican maid on a work visa, and Miss Iovenko, the receptionist who secretly studies for her bar exam during work hours.
One fateful morning, Josh witnesses what he believes to be the kidnapping of Arthur Shaw, a wealthy tenant played by Alan Alda. His pursuit is interrupted when he is tackled by FBI agent Claire Denham, played by Téa Leoni, who reveals that Shaw is actually trying to escape arrest for orchestrating a Ponzi scheme. Devastated to learn that he entrusted Shaw with the Tower staff's pension fund, Josh informs his colleagues about their financial losses. The situation turns dire when he discovers that Lester has attempted to take his own life after losing everything. Determined to confront Shaw, Josh, Charlie, and Enrique visit him at home, where Shaw's feigned empathy only fuels Josh's anger, leading him to vandalize a vintage Ferrari in Shaw's penthouse.
After getting fired alongside Charlie and Enrique, Josh meets Agent Denham at a bar, where she jokingly suggests he steal from Shaw, implying that he likely has a hidden cash reserve. This spurs Josh to team up with Charlie, Enrique, and Mr. Fitzhugh, played by Matthew Broderick, a former tenant experiencing similar financial misfortunes. Although untrained in thievery, Josh enlists the help of his childhood friend, Slide, portrayed by Eddie Murphy, a petty criminal who teaches the group the ropes. They also recruit Odessa for her locksmithing skills.
As the Thanksgiving hearing for Shaw approaches, Josh and his crew devise a plan to infiltrate Shaw's apartment during the Macy's Thanksgiving Day Parade. They manipulate circumstances to get Charlie away from the building, allowing them to proceed with their heist. However, things take a turn when Slide, desperate for his cut, attempts to bolt with the money after learning about the safe.
In a surprising turn of events, the team discovers Shaw's secret when they find out that the 'gold' he invested in is cunningly concealed within the car parts of the Ferrari he has in his apartment. This revelation leads them to uncover a ledger of Shaw’s illicit finances, which Josh takes before their escape plan unravels, culminating in an unexpected showdown with Agent Denham.
Ultimately, Denham catches Josh and his associates as they try to flee, leading to their arrest. However, the tables turn when Miss Iovenko reveals she has passed her bar exam and offers to represent Josh, presenting Shaw's ledger to the FBI in exchange for leniency. Though Josh faces a minimal two-year sentence for his role in the conspiracy, his spirit remains unbroken. In the closing moments, the team recoups their lost funds by distributing parts of the Ferrari to the Tower employees, while Shaw begins serving his life sentence. As Josh is led away to jail, a slow smile breaks across his face, signaling a bittersweet victory against their corrupt landlord.
