The Real Deal New York

Partnership led by Witkoff buys Park Lane Hotel for $650M

Developer to build luxury condos at site

July 17, 2013 08:30AM

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Steven Witkoff and the Park Lane Hotel

Steven Witkoff and the Park Lane Hotel

A partnership led by Steven Witkoff’s Witkoff Group has reached an agreement with the estate of Leona Helmsley to buy the Park Lane Hotel on Central Park South for north of $650 million, the Wall Street Journal reported. Witkoff and his partners intend to build luxury condominiums at the Central Park South site, sources told the Journal, but it remained unclear whether Witkoff would convert the existing 46-story hotel or raze it and build a new tower. Both options would come with challenges; tearing down the 370,000-square-foot building would only allow Witkoff to build a tower two-thirds that size due to zoning regulations, while the building’s low ceilings could make a conversion difficult.

A deal was signed Tuesday, the sources added. The iconic property hotel was put on the auction block in May, as Helmsley’s estate looked to cash in on the manic demand for condominium projects. Even before the auction, the Witkoff partnership and others including Harry Macklowe had put in nonbinding offers of over $600 million. [WSJ]Hiten Samtani

  • ANA WEBER

    Happy to announce the launching of the 360 degrees of success program-money – relationships, energy, time! The 4 essential ingredients to create personal and professional success in your life – event on December 7, 2013 in the main ballroom at the Park Lane. please join us.

  • ANA WEBER

    In any case the Helmsley Park Lane is a delightful place to stay; a few easy steps to Central Park, the dining room is spectacular, delightful service. While eating a fine breakfast, one can watch the horse and carriages stroll by with visitors from everywhere, simply celebrating life and the moment. Harry’s Bar; a great place to take a break and chill. What else can we ask for? A true home away from home. I am honored and thrilled to launch the 360 event there and only at the Helmsley Park Lane.

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