Witkoff scores $525M loan for Helmsley Park Lane buy

Dec.December 12, 2013 12:15 PM

UPDATED, 3:19 p.m., Dec. 12: Wells Fargo Bank and Criterion Real Estate Capital teamed up to provide $525 million in acquisition financing to enable the Witkoff Group and Jynwel Capital to purchase Manhattan’s Helmsley Park Lane Hotel.

The financing, arranged by Carlton Group of New York, enabled Witkoff’s completion of the $660 million purchase of the 605-room property at 36 Central Park South.

In addition to Hong Kong-based Jynwel, the investor group also includes the New Valley LLC affiliate of Vector Group, Texas-based Highgate Holdings and Macklowe Properties.

The property was sold by the Leona M. and Harry B. Helmsley Charitable Trust.

Despite swirling rumors that Witkoff would convert the 446,000-square-foot property into luxury condominiums, CEO Steven Witkoff has said that the 47-story hotel will instead be rebranded as the Park Lane New York.

The financing was arranged by Howard Michaels of the Carlton Group. — Julie Strickland

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