Witkoff closes on $660M acquisition of Helmsley Park Lane

Developer will maintain property as luxury hotel

TRD New York /
Nov.November 26, 2013 12:25 PM

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


Related Articles

arrow_forward_ios
TRD Talks Live

Watch major NYC developers tonight on TRD TALKS LIVE

Watch major NYC developers tonight on TRD TALKS LIVE
Sheldon Silver (Credit: Getty Images)

Sheldon Silver’s conviction for real estate scheme is upheld

Sheldon Silver’s conviction for real estate scheme is upheld
From left: Colgate chairman Ian Cook and 1115 Fifth Avenue and 912 Fifth Avenue (Credit: Cuny, StreetEasy)

He sold enough toothpaste to buy this tony Carnegie Hill pad

He sold enough toothpaste to buy this tony Carnegie Hill pad
Steve Witkoff and the property at 2805 Lake Avenue

Developer Steve Witkoff revealed as buyer of Sunset Islands home

Developer Steve Witkoff revealed as buyer of Sunset Islands home
10 Madison Square West (Credit: StreetEasy, iStock)

Lawsuit: Pet Smart’s animal excrement is stinking up this $11K-a-month apartment

Lawsuit: Pet Smart’s animal excrement is stinking up this $11K-a-month apartment
Douglas Elliman's Howard Lorber, Fisher Brothers' Winston Fisher, and Steve Witkoff with 111 Murray (Credit: Getty Images)

Developers of 111 Murray “chilled” buyers into closing: lawsuit

Developers of 111 Murray “chilled” buyers into closing: lawsuit
Steve Witkoff and 150 Charles Street

Steven Witkoff gets $33M for his penthouse at a West Village building he developed

Steven Witkoff gets $33M for his penthouse at a West Village building he developed
Manhattan hotel at center of 1MDB fraud case lands $615M refinancing

Manhattan hotel at center of 1MDB fraud case lands $615M refinancing

Manhattan hotel at center of 1MDB fraud case lands $615M refinancing
arrow_forward_ios

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

Loading...