WATCH: Steve Witkoff talks about the problematic Park Lane Hotel

The scandal-plagued condo project would have been one of Witkoff's most ambitious

TRD New York /
Jun.June 15, 2017 08:00 AM

In 2013, developer Steve Witkoff led a partnership in the purchase of The Park Lane Hotel with the intent of building a condo tower in its place. The project fell into disarray, however, when a major equity provider, Malaysian businessman Jho Low, was accused of being involved a money-laundering scheme.

The Real Deal‘s Hiten Samtani sat down with Witkoff to talk about his career, his reputation and to pick his brain on a number of his projects, Including The Failed Park Lane Hotel redevelopment.

“I don’t think we made a mistake there, I think it was a well-conceived project,” said Witkoff, who explained that full background checks on investors were executed.

“Remember that 1MBD, which was the sovereign wealth fund in Malaysia which everyone talks about, had then just finished a bond offering through Goldman Sachs,” Witkoff said.

Watch the video above for Witkoff’s thoughts on what could have been his most ambitious condo project to date. To see the conversation in full, click here.

Produced by Alistair Gardiner and Kerry Barger. Interview conducted by Hiten Samtani. 

For more videos, visit The Real Deal’s YouTube page.

Related Articles

Steve Witkoff and the property at 2805 Lake Avenue

Developer Steve Witkoff revealed as buyer of Sunset Islands home

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

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

Jho Low’s superyacht sells, marking largest recovery of funds from 1MDB scandal

Schrager, Witkoff snag $173M refinancing
of Public hotel

Abu Dhabi’s ties with Goldman Sachs sour amid 1MDB scandal

Mary Ann Tighe on real estate’ #MeToo moment, rebuilding after 9/11 and more

“I can’t do anything in this town today”: Steve Witkoff is fed up with New York development costs