It has been on the market, off the market for the Helmsley Park Lane Hotel on Central Park South during the last four years. But now, chasing the astronomical prices units surrounding Central Park have been commanding, the hotel is officially switching a portion of its rooms from hospitality to residential. The hotel plans to convert its 18th to 44th floors into residential units, a move estimated to cost some $56 million, according to permits filed with the Department of Buildings spotted by Curbed.
Units on floors four to 17 will continue to function as hotel rooms but renovations for those rooms are also planned. Goldstein Hill & West Architects will handle the project. Their previous work includes the Aldyn and the Rushmore on the Upper West Side, and the Laurel on the Upper East Side.
As The Real Deal previously reported, Sean Hennessy, CEO at Lodging Advisors, a Manhattan-based industry consulting firm, speculated back in May that the Helmsley Park Lane Hotel could soon hit the market. The hotel listed back in 2008 but failed to find a buyer. [Curbed] –Christopher Cameron