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

Developer to build luxury condos at site

New York /
Jul.July 17, 2013 08:30 AM

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


Related Articles

arrow_forward_ios
Witkoff CEO Steven Witkoff and 589 Fulton Street in Brooklyn (Witkoff, NQS Creative, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Apollo, Witkoff beat 421a deadline with DoBro tower
Apollo, Witkoff beat 421a deadline with DoBro tower
Witkoff's Alex Witkoff and Access Industries' Len Blavatnik with 76 11th Avenue (Witkoff, Access Industries, Google Maps, iStock)
One High Line launches sales, says goodbye to the “XI”
One High Line launches sales, says goodbye to the “XI”
A photo illustration of prominent guests  at the Witkoff wedding (via Instagram)
Nuptials Mar-a-Lago style: Donald Trump, Don Peebles, Barry Sternlicht among real estate elite at Witkoff wedding
Nuptials Mar-a-Lago style: Donald Trump, Don Peebles, Barry Sternlicht among real estate elite at Witkoff wedding
Steve Witkoff and a rendering of 565-589 Fulton Street (Witkoff, Beyer Blinder Belle)
Apollo, Witkoff eye $420M construction loan for downtown Brooklyn site
Apollo, Witkoff eye $420M construction loan for downtown Brooklyn site
Steve Witkoff of Witkoff Group, Len Blavatnik of Access Industries and the XI (Getty Images, The XI)
Witkoff, Blavatnik set to resume XI condo project with new contractor
Witkoff, Blavatnik set to resume XI condo project with new contractor
Steve Witkoff and Kenneth Fisher with XI project, Manhattan Mini Storage, Park Avenue Plaza, 292 5th Avenue (Fisher Brothers, Witkoff, iStock)
Financing for huge self-storage deal leads Manhattan’s real estate loans
Financing for huge self-storage deal leads Manhattan’s real estate loans
Sheldon Silver (Getty)
Sheldon Silver, convicted development kingmaker, dies
Sheldon Silver, convicted development kingmaker, dies
Steve Witkoff of Witkoff Group, Len Blavatnik of Access Industries and the XI (Getty, TheXI)
Witkoff and Access Industries buy HFZ’s languishing XI condo project
Witkoff and Access Industries buy HFZ’s languishing XI condo project
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...