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.
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