Barnett may foil Witkoff’s bid to build supertall at Park Lane Hotel site

Extell chief talks to 30 CPS board about possible purchase

TRD New York /
Apr.April 07, 2015 10:12 AM

Extell Development’s Gary Barnett has approached the co-op board of 30 Central Park South — a former hotel that now primarily houses dentists’ offices — about a possible purchase. The move could make it challenging for Steve Witkoff and Harry Macklowe, who own the nearby Park Lane Hotel as well as an adjacent rental building, to build a supertall structure at The Park Lane site.

Witkoff and Macklowe bought the Park Lane Hotel for $660 million in 2013, and also own 21 West 58th Street, which is located right behind 30 Central Park South, the New York Times reported.

If Both The Park Lane Hotel and 21 West 58th are demolished, the partners could build an 80-story skyscraper at their site. And if 30 Central Park South were incorporated, it could be even taller. But if Barnett takes control of 30 CPS, he could hold up the Witkoff-Macklowe project or build his own project there. He held up a similar project by Vornado Realty Trust at nearby 220 Central Park South, . [NYT]Claire Moses


Related Articles

arrow_forward_ios
Steve Witkoff and the property at 2805 Lake Avenue

Developer Steve Witkoff revealed as buyer of Sunset Islands home

206 West 17th Street, 116 7th Avenue, and Extell Development’s Gary Barnett (Credit: Google Maps)

What rich people in NYC will pay to keep their view: TRD analysis

Extell Development's Gary Barnett (Credit: Getty Images and iStock)

Chelsea residents paid Gary Barnett $11M to protect their views from a planned tower

Witkoff sells two commercial condos at
420 Fifth for $52M

Central Park Tower

Extell just went public with Central Park Tower listings

Such investments have become a critical source of financing for New York real estate projects in recent years. (Credit: iStock)

Preferred equity plays are on the rise, but what’s the catch?

WATCH: Gary Barnett on the residential market, Brooklyn and discounts at
One Manhattan Square

Schrager, Witkoff snag $173M refinancing
of Public hotel

arrow_forward_ios