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Old Posted Oct 16, 2013, 12:14 PM
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NYguy NYguy is offline
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Smile NEW YORK | 36 Central Park So. (Park Lane development) | FT | FLOORS

This one is coming more into focus...


A team led by New York development company Witkoff Group has reached an agreement with the estate of real-estate magnate Leona Helmsley to buy the 46-story Park Lane Hotel on Central Park South for more than $650 million, according to multiple people with knowledge of the deal.

The New York-based developer plans to turn the bulk of the property—the tallest building on Central Park South that towers over the Plaza Hotel just to its east—into high-priced condominiums, these people said. Still, it remained unclear whether Witkoff plans to tear down the hotel and build a new tower, or whether the company would convert the existing hotel.

If it opts to tear down the 370,000-square-foot property, zoning regulations only allow it to build a tower about two-thirds the size. Converting has its perils as well: Ceilings throughout the building are low, and the building lacks the prewar architecture that has helped boost the appeal of other high-priced conversions.


October 4, 2013

...Faced in concrete and largely unadorned, Mr. Macklowe’s building does possess an unpretentious elegance, despite astronomical asking prices. Nor does it appear that 432 Park will be his last attempt to woo the über-wealthy. He is considering the purchase of 1 Chase Manhattan Plaza, in Lower Manhattan, and is working on a partnership with the developer Steve Witkoff to redevelop the Park Lane Hotel on Central Park South into deluxe condominiums.


October 15, 2013

Mr. Barnett, president of Extell Development, is already building One57, a 1,004-foot tower on 57th Street just east of Seventh Avenue, where the penthouse is under contract for $90 million. To the east, the penthouse at the 1,396-foot skyscraper under construction by Harry Macklowe and the CIM Group is selling for $95 million, or more than $11,000 a square foot.

Now, Mr. Barnett plans to erect a tower of at least 1,400 feet on 57th Street, just east of Broadway. Directly to the north, Mr. Roth, chairman of Vornado Realty, will proceed with a 65-story (roughly 900-feet-tall) residential tower.

Michael Stern of JDS Development is planning a very thin 1,350-foot-tall tower only a few doors east of Mr. Barnett’s One57.

Not far away, a group led by Steve Witkoff is buying the Park Lane Hotel on Central Park South for $650 million, with plans to demolish the building in favor of a sleek tower with apartments averaging $7,000 a square foot, according to real estate executives.

Location of two planned towers on Central Park South...

NEW YORK heals.

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
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