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  #341  
Old Posted Sep 2, 2021, 10:11 PM
JMKeynes JMKeynes is offline
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I think that great height could come if it includes offices, hotel, and condos. I could envision forty stories of boutique offices, a seven-star hotel, and condos on top.
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  #342  
Old Posted Sep 20, 2021, 6:21 PM
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Please take note, Mr. Witkoff:

From the realdeal.com

“Manhattan luxury market rebounds from late-summer slump with 31 condo sales
Condo at 53W53 listed for $35.5M led the way as luxury sales saw busiest week since July
New York”
Sep. 20, 2021 02:00 PM
By Erin Hudson

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  #343  
Old Posted Sep 28, 2021, 2:26 PM
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  #344  
Old Posted Sep 30, 2021, 5:21 PM
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Hopefully, this news will spur the development of this icon.

https://commercialobserver.com/2021/...yearly-record/

Manhattan Luxury Condo Sales Already Broke Yearly Record


BY AARON SHORT
SEPTEMBER 30, 2021
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  #345  
Old Posted Dec 1, 2021, 6:52 PM
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https://www.prnewswire.com/news-releases...ience-on-billionaires-row-301434595.html

Meet The New Park Lane New York, A Completely Reimagined Hotel Experience On Billionaires' Row
Opening Today, Park Lane New York is a Creative Departure from its Neighbors






December 1, 2021


Quote:
Rising 47 stories into the New York skyline and situated steps away from Central Park, Park Lane New York has been transformed into a unique and inclusive retreat – a bold departure from its neighbors. Entrusted with reawakening the spirit of the iconic hotel, global design agency Yabu Pushelberg embarked on a total redesign of the building, reinvigorating the interiors to create an entirely new space for guests to enjoy – while mindfully restoring the existing architectural details of the historic building, a unique example of legendary Emery Roth & Sons' trademark post-war style. Drawing from the hotel's natural exuberance and the wonders of Central Park's changing seasons, Park Lane stands as homage to the wonders which lay beside it.

Managed by Highgate, a leading hospitality investment and management company, the 47-story property features 610 rooms – nearly half of which provide sweeping park-facing views with the remaining rooms featuring views of the Manhattan skyline along with 11,000 square feet of reimagined indoor and outdoor event space. Throughout the property, New York City-based artists En Viu created playful murals for the guest rooms and public spaces that artfully guide the hotel experience.
Quote:
"The arrival of Park Lane marks the newest standout for Highgate – and the next chapter for our company as we continue to add to our lifestyle and luxury portfolio," said Arash Azarbarzin, Chief Executive Officer at Highgate. "We've brought together an inimitable cast of collaborators – including the globally acclaimed Yabu Pushelberg and visionary Scott Sartiano – to create an inclusive, one-of-a-kind hospitality experience. Joining sister hotels like The Newbury Boston, Modernhaus Soho, Hotel Figueroa, and more, we are very excited to offer the Highgate experience and service at the historic address of Park Lane."

Complementing the hotel's rebirth, Scott Sartiano, hospitality magnate and founder of The Sartiano Group who's behind Manhattan's new coveted private members club, Zero Bond – concepted Park Lane's food & beverage program, providing a modern approach to hotel dining and imbibing. In partnership with Highgate, Scott and his team will offer three unique venues: Rose Lane, an 80-seat lobby bar with an outdoor promenade; Harry's New York Bar, an intimate restaurant on the hotel's second floor; and Darling, Central Park South's only rooftop lounge atop the hotel. Perched on the 47th floor, the exclusive cocktail bar will treat guests to the ultimate New York City experience against the backdrop of Manhattan's sprawling skyline and park.
Quote:
Park Lane offers four unique venues to host events, meetings, and celebrations. Headlined by The Park Room and The Empire Room, the hotel's 2nd floor is a self-contained environment with 15-foot ceilings, divisible spaces, and natural light – an uncommon find along the park. Varied in size and style, guests may revel in any occasion while at Park Lane.

Located on Central Park South between 5th and 6th Avenues, the hotel is ideally situated directly across the southeast corner of the park and within immediate walking distance to major attractions, such as Lincoln Center, Carnegie Hall, 5th Avenue shopping, and the Museum of Modern Art.

A member of Preferred Hotels & Resorts, bookings begin at $450 a night.
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  #346  
Old Posted Dec 1, 2021, 8:00 PM
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I wonder how much they spent on the renovations. If it's $50m, I can't see the owners sitting on a gold mine for years to recoup a nominal investment.
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  #347  
Old Posted Dec 1, 2021, 8:49 PM
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Quote:
Originally Posted by JMKeynes View Post
I wonder how much they spent on the renovations. If it's $50m, I can't see the owners sitting on a gold mine for years to recoup a nominal investment.

Looking at 220 CPS, and the money to be made on such a prime location, I can’t even see that as a concern. (Of course, it’s not my money).


Quote:
https://therealdeal.com/2021/11/09/vornados-220-central-park-south-approaches-3b-in-total-sales/


Vornado’s 220 Central Park South approaches $3B in total sales


BY CORDILIA JAMES
RESEARCH BY CHRISTIAN BAUTISTA
NOV 9, 2021

The next deal at 220 Central Park South will almost certainly push the value of total sales at the exclusive Billionaires’ Row tower past the $3 billion mark.

On an earnings call last week, Vornado announced that it had closed sales on 104 of the building’s 118 units as of Sept. 30, garnering net proceeds of $2.97 billion.

On the earnings call, Vornado announced that it had closed on a $25.5 million condo in the third quarter, resulting in $10.1 million in net profit. Not including the condo that closed in October, the sale was one of the four sponsor units that have sold since the start of the year for a total of $97.7 million, resulting in a net gain of $35.4 million, the REIT reported.

The deals come at a time when Manhattan’s luxury market is at a frenzy, setting records left and right. By the end of September, buyers had signed contracts to purchase $11.4 billion worth of luxury homes in Manhattan this year, already eclipsing the record $11.3 billion set in 2014.
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  #348  
Old Posted Dec 2, 2021, 2:43 PM
JMKeynes JMKeynes is offline
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I agree. I can’t imagine that they even spent $50m.

Witkoff should strike while the iron is hot.

https://therealdeal.com/2021/12/01/manha...h-for-new-development-sales-since-april/

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  #349  
Old Posted Dec 2, 2021, 6:35 PM
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I wouldn’t be surprised if something isn’t announced within a year. They’ve got to time it right.
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  #350  
Old Posted Dec 2, 2021, 6:47 PM
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Yeah and the last time this building was reported was back in summer 2015 which is a long time. So something’s not right.
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  #351  
Old Posted Dec 2, 2021, 6:51 PM
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Originally Posted by NYguy View Post
I wouldn’t be surprised if something isn’t announced within a year. They’ve got to time it right.
I agree.
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  #352  
Old Posted Aug 29, 2023, 4:12 PM
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https://therealdeal.com/new-york/2023/08/28/qia-buys-park-lane-hotel-from-witkoff/

Qataris shell out $623M for storied Park Lane Hotel
Witkoff-led group bought property decade ago eyeing condo conversion






By Rich Bockmann
AUG 28, 2023


Quote:
Qatar’s sovereign wealth fund bought the Park Lane Hotel overlooking Central Park — once called the “world’s greatest site for development” — as the Middle Eastern nation continues its push into New York real estate.

The Qatar Investment Authority paid nearly $623 million to acquire the 46-story hotel at 36 Central Park South from Steve Witkoff’s company, property records show. PincusCo first reported the sale.


It was not immediately clear what the $450 billion sovereign wealth fund plans for the property, which Harry Helmsley developed in the 1960s.

Witkoff bought the hotel in 2013 for $654 million with a plan to convert the bulk of the building’s 600 or so rooms into high-end condos. But by 2016 he and his partners — Harry Macklowe, Howard Lorber’s New Valley and Highgate Holdings — had decided the Billionaires’ Row market had become oversaturated. They put the conversion on hold.
Quote:
A few months later, Chinese developer Greenland Group bought a 41 percent stake in the project from Kuwait Strategic Investors. The project seemed to be back on track.

But shortly after the deal closed, the Justice Department filed a lawsuit looking to seize the hotel as part of its investigation into the Malaysian businessman Jho Low, who was accused of stealing $4 billion from the Mubadala Investment Company, an Emirati sovereign wealth fund.

Witkoff put the property up for sale in 2017.

“It’s the world’s greatest site for development,” JLL’s Jeffrey Davis, who wasn’t involved in the listing, said at the time.

But Witkoff and his partners had high expectations, and no one met their $1 billion asking price. The owners refinanced the hotel in 2019 with a $615 million loan from Deutsche Bank and JPMorgan, and the Abu Dhabi fund increased its stake in the property as part of the DOJ’s effort to recover funds.

Representatives for the Qatar Investment Authority and Witkoff were not immediately available for comment.
Quote:
The deal represents the Qataris’ latest move in New York. Late last year, the investment fund teamed up with Scott Rechler’s RXR and Macquarie Capital Principal Finance to provide Meyer Orbach and Josh Gotlib with a $261 million preferred equity investment to finance their purchase of three apartment buildings developed by the late Sheldon Solow.
Qatar owns a stake in Empire Realty Trust. It also backed Michael Stern and Kevin Maloney’s Billionaires’ Row tower at 111 West 57th Street.
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  #353  
Old Posted Aug 29, 2023, 4:22 PM
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Whatever tower design is planned here it needs to step back from CPS. Having a 1000+ foot tower directly bordering the park would IMO really throw off the graceful balance of things. 220CPS did it right.
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  #354  
Old Posted Aug 29, 2023, 4:23 PM
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These guys have deep deep pockets and have partnered with several big developers here already.

Can't wait to see their plans for the Parc Lane... go big or go home! LOL!!
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  #355  
Old Posted Aug 29, 2023, 6:59 PM
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A 1,700ft tall tower wouldn't hurt here.
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  #356  
Old Posted Aug 29, 2023, 8:01 PM
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1,701' would be better...
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  #357  
Old Posted Aug 29, 2023, 9:29 PM
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a new tower here won't need much height to rake in the $$$ as every single level will have an uninterrupted view of the park. But yes, another new supertall would be great to boost the city's growing army.
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  #358  
Old Posted Aug 29, 2023, 10:10 PM
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Certainly a 1,700 ft tower is only a wish, but surely the new owner will want to build a very tall tower, where the apartments will enjoy a 360° view of New York.
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  #359  
Old Posted Aug 30, 2023, 12:17 AM
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I'm not going to get my hopes up for 1,700 yet but I wonder if they'll try and top Central Park Tower.

1,250+ would be great too. Imagine that complementing 41 W 57th which if built would be 1,100+.

It's about time someone seizes more Central Park views.



Kinda glad we got Arabs involved lol, their love of absurdly tall skyscrapers is welcomed here.
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  #360  
Old Posted Aug 30, 2023, 12:55 AM
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Here's hoping the absolute 🞵🞵🞵🞵 box 40 CPS gets bought out and incorporated into the assemblage. I find it astonishing something that horrid sits on CPS.
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