Helmsley Park Lane hotel heads to auction block

Seller eyeing developers looking to do a condo conversion
May 20, 2013 08:30AM

The Storied Helmsley Park Lane Hotel on Central Park South is headed to the auction block, with the estate of Leona Helmsley looking to cash in on the surging demand for high-end condominium conversion sites, the Wall Street Journal reported.

The 370,000-square-foot 46-story hotel has already attracted two serious suitors, sources told the Journal. Both developer Harry Macklowe and a consortium led by Steven Witkoff and CIM Group have put in nonbinding offers north of $600 million.

But CBRE Group, the Helmsley estate’s advisor on the property, will put the hotel on the block to attract a wider range of suitors, sources told the Journal. The move is slated to happen within weeks.

The most lucrative use of the property, real estate experts told the Journal, would be to knock it down and build a new condo tower in its place. The move would follow in the footsteps of other properties in the area, Such As 650 Madison Avenue, that are touting their location as a good opportunity for a condo development. [WSJ]  – Hiten Samtani