Witkoff closes on $660M acquisition of Helmsley Park Lane

Developer will maintain property as luxury hotel
November 26, 2013 12:25PM

UPDATED, 1:38 p.m., Nov. 26: The Witkoff Group and Hong Kong-based equity partner Jynwel Capital have closed on the acquisition of the Helmsley Park Lane Hotel for $660 million, the developer announced yesterday. Though initial reports indicated that Witkoff would convert the 446,000-square-foot property at 36 Central Park South into luxury condominiums, Witkoff CEO Steven Witkoff said yesterday in a release that the 47-story, 605-key Hotel Would Instead Be Rebranded As The Park Lane New York.

The seller was the Leona M. and Harry B. Helmsley Charitable Trust, published reports show.

“We look forward to working with our partners to continue to operate the property as one of the preeminent hotels in New York City,” Witkoff said in the release. Other partners in the deal – which was financed by Wells Fargo and Criterion Real Estate Capital — included Highgate Holdings and Macklowe Properties. – Hiten Samtani