Renderings and additional details for Witkoff’s 1 Park Lane – its redevelopment of the Helmsley Park Lane Hotel at 36 Central Park South – are now out, with the building slated to stand 1,210 feet tall.
The 1 Park Lane project will rank as the fourth-tallest residential tower in New York City, and the ninth-tallest building overall upon completion in 2020. The 88-unit project will measure 350,000 square feet, with a total cost of $1.7 billion and expected revenue of $2.3 billion. Witkoff and Hong Kong-based equity partner Jynwel Capital acquired 36 Central Park South for $660 million in 2013.
While the number of floors in the tower is still undetermined, the development is aiming for a sellout in excess of $8,500 per square foot – with prices ranging from $7,000 to $13,000 per square foot, according to New York YIMBY.
The project’s aesthetic suggests a design by Rafael Vinoly Architects, New York YIMBY claims, citing similarities to CIM Group and Macklowe Properties’ 432 Park Avenue. The tower also appears to block a substantial portion of the Central Park views for Hines’ residential tower at 53 West 53rd Street.
Every residence will feature an outdoor terrace, while windows will measure 10-by-14 feet and ceilings on each floor will stand 15 feet and 5 inches tall. Amenities spanning 40,000 square feet will include a library, a 100-foot swimming pool, a branded spa and a private restaurant. [NY YIMBY] — Rey Mashayekhi