NEW YORK | 36 Central Park So. (Park Lane development) | FT | FLOORS

[NYguy]

Something else to look at...


http://www.scdaarchitects.com/architecture/central-park-south

[excel]

Oh my.

[Foosh]

I just peed my pants!

[Busy Bee]

It wasn't worth it. This is just a concept rendering from a random architecture firm. Not a real proposal.

[WIGGLEWORTH]

Not really into their design for it. Hopefully what really gets built there is much more tasteful with the park.

[Zapatan]

Wow I love it!

[jsbrook]

This concept design that won't be built is interesting. But I don't like it for this area. Something like this might look good in another part of the city.

[NYguy]

It's a concept for the site, obviously one that was being considered by the developers. It's always interesting to see the ideas being put forth for these developments. I would have liked to have seen that render with 111 W. 57th and Central Park tower though, to put it more into context.

[batdongsansg]

Hey every One!
How tall is the tallest Tower in Centa park Project ?

[chris08876]

^^^^^

111 West 57th, present in the rendering is 1,438 feet. But the tallest out of the 57th Street super talls is the Central Park Tower aka Nordstrom at 1,550 ft. Its not shown in that rendering batdongsansg.

[chris08876]

Stalled Park Lane Hotel condo conversion gets new backer

The plan to transform Manhattan’s Park Lane Hotel into a super tall 1,210-foot luxury condominium tower is getting a boost from a new backer.

Chinese developer Greenland Holding Group is buying a 41 percent stake in the future project from a Kuwaiti fund in exchange for shares in Greenland, which is also developing Brooklyn’s Pacific Park.

The framework of the deal — which was outlined in a Hong Kong press release that largely escaped attention here — could restart the project, dubbed One Park Lane.

In January, lead developer Steve Witkoff told Bloomberg that “ velocity” in the super-luxury market had slowed. That prompted Witkoff and his partners to halt efforts to raise money through the government’s EB-5 visa program, which is popular with Chinese investors, while continuing to operate the hotel.

Now, along with the new partner, pre-development financing is also underway for the project, sources told The Post. Witkoff did not return calls and emails for comment.

The new Gary Handel-designed skyscraper would sit on the southern end of Central Park, along what has become known as “Billionaire’s Row” — what the Hong Kong press release mistakenly dubs “Billionaire’s Circle.”

The release also proclaims a condominium sell-out value of $3.6 billion to $4.3 billion. To achieve that valuation, pricing for the 450,000 square-foot project would have to hit around $8,000 to $9,000 per foot.

While this is much more than current luxury pricing that ranges up to $6,000 per foot and averaged a high of $2,800 per foot in the first quarter, according to the latest Elliman Report, it is within the realm of possibility four years from now, when the new tower could be open for residents.

In addition to the trading of the interest in the One Park Lane project, the Kuwait Strategic Investor and Greenland Hong Kong will jointly establish an $8 billion Silk Road Integrated Real Estate Fund to target a variety of other real-estate projects.

This, they say, is in line with the Chinese President Xi Jinping’s vision to have more interaction and ventures with Middle Eastern countries.

===========================
http://nypost.com/2016/04/28/stalled-park-lane-hotel-condo-conversion-gets-new-backer/

[Crawford]

Game on! Good news.

If the developers are Chinese-backed, I'm assuming this will be a contemporary design.

I think this will be the highest-priced condo in NYC. Right on the park, with no chance of blocked views, ever, and better location than that of 220 CPS, the only parkside competition.

[NYguy]

Chinese developer Greenland Holding Group is buying a 41 percent stake in the future project from a Kuwaiti fund in exchange for shares in Greenland, which is also developing Brooklyn’s Pacific Park.

The framework of the deal — which was outlined in a Hong Kong press release that largely escaped attention here — could restart the project, dubbed One Park Lane.

.....Now, along with the new partner, pre-development financing is also underway for the project, sources told The Post. Witkoff did not return calls and emails for comment.

I approve this message.

[sbarn]

Great news!!!

[chris08876]

Greenland is known to get projects finished and quickly too. Glad they are working on it. Chinese developers haul 🞵🞵🞵 and are serious about rising steel. Financing news is always welcomed.

And that's really what is the hurdle in a lot of projects. The capital needed for it and tenants in some cases. Kinda why I'm hoping a big tenant from overseas takes up the space in WTC2. If we could get a Chinese tenant, we are set. Google or Blackrock would be nice as well, but we will see.

The development crackhead in me wants to see this taller. Its a prime location. 1,210 feet seems woefully inadequate amidst the competition. Times have changed! Like Crawford mentioned, it really isn't blocked, and those C.Park views will command top dollar.

[chris08876]

Man at center of 1MDB probe held 85% stake in Park Lane Hotel: report

The move by the U.S. government to seize a significant stake in the Park Lane Hotel, which is connected to a Malaysian development fund scandal, could be a boon to owners of the iconic Central Park South property.

If the Justice Department is successful, it would likely sell the controversial stake — which at one point formed 85 percent of the project’s equity — and inject the 46-story hotel with new capital, the Wall Street Journal reported.

The process of selling the stake could take years to resolve, but cash flow near $25 million annually on the property should keep investors Steve Witkoff , Howard Lorber and Harry Macklowe happy as the slow wheels of government turn.

Federal authorities last week moved to seize assets related to a money-laundering scheme that allegedly misappropriated $3.5 billion from the Malaysian investment fund known as 1Malaysia Development Bhd., or 1MDB. The complaint said individuals involved in the scandal used the money to invest in the Park Lane, as well as four luxury condominiums in Manhattan, including a $50.9 million penthouse at Walker Tower.

According to court papers, funds controlled by Malaysian businessman Jho Low contributed 85 percent of the equity in 2013 when an investor group led by the Witkoff Group paid nearly $660 million to the Helmsley estate for the Park Lane. Court papers allege that Low lied to Witkoff and other investors about the source of the money, telling the NYC-based developers that it was legitimately earned from the family business.

The other 15 percent of equity came from Witkoff, Macklowe Properties, Lorber’s New Valley and Dallas-based Highgate Holdings, the government claims. Wells Fargo Bank also provided a $266.7 million loan.

The Park Lane’s owners reportedly hired Eastdil Secured last year to refinance the hotel to leverage its cash flow and low interest rates.

Last week, Witkoff told the paper he would work with the government to make the Park Lane project “a success,” but it’s still unclear whether that means keeping the Park Lane as a hotel, or converting it to luxury condos.
As the luxury market sputtered earlier this year, Witkoff put the brakes on developing high-end residences at the hotel.

Court documents and news reports, meanwhile, show an ownership structure that’s in flux.

According to the complaint, Low subsequently sold a portion of his stake to Mubadala Development Co., Abu Dhabi’s sovereign wealth fund, though it’s not clear how much equity Mubadala received.

In April, China’s Greenland Holding Group Co. said it acquired a 41 percent stake in the Park Lane from Al-Waseet International, a Kuwaiti investor, with plans to move ahead with the condo conversion. Greenland has been mum on the scandal and its role in the project remains unclear.

==============================
http://therealdeal.com/2016/07/27/man-at...held-85-stake-in-park-lane-hotel-report/

[TechTalkGuy]

Originally Posted by NYguy

Something else to look at...

Yes!

That's a nice modern, slick sick look that I find very appealing.
Not the tallest, but stands out with it's impeccable design.

[toddguy]

I really like this-I hope the new info about the financing does not ruin things.

[Crawford]

This is, probably, the best residential development site on the planet.

Per the Real Deal, Witkoff has bought enough air rights for a 1,200 foot tower, but is now trying to add even more rights by buying adjacent 21 west 58th Street.

http://therealdeal.com/2016/08/01/park-l...on-modest-rental-next-door-court-papers/

[chris08876]

From the link above.

At the time, Greenland said it purchased Al-Waseet’s 41 percent stake in the project for an undisclosed sum, and Greenland also appeared to put condos back on the table. It projected a redevelopment of the property could generate $3.6 billion to $4.3 billion in sales.

I hope they go the route of numerous units. I think a tower on the level of 432 Park prices would be risky. Would be nice if they could aim for smaller, but numerous units. Its location is indeed impecable. And they would sell too if they are priced at something that's reflective where the real demand is at. 5-10 million preferably. Under 3 million would be wishful, but I do hope that this can breach the 1000 unit mark. I think we need more 1000+ unit towers. Think Silverstien on the West Side. Although that didn't go through unfortunately.