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Old November 26th, 2013, 06:00 PM   #21
Vertical_Gotham
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Park Lane Hotel on Cental Park South fetches $660M
http://www.crainsnewyork.com/article...TATE/131129920



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Developer Steven Witkoff has teamed up with a Malaysian equity partner, Jynwel Capital, to buy the Park Lane Hotel on Central Park South for $660 million. The transaction, which was financed by Wells Fargo and Criterion Real Estate Capital, closed on Monday, the partnership between Mr. Witkoff and Jynwel announced.
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Mr. Witkoff, one of the city's most prolific developers of residential space, said that Jynwel shared his vision of continuing to operate the property as a hotel, while contemplating future plans for the site.
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Mr. Witkoff said that the building could eventually be renovated, either fully or partially converted over to residential use, or demolished and redeveloped from the ground up as either residential, hotel or a mixture of both.

"What we like is that there are a lot of options here and we're still contemplating them," Mr. Witkoff said.
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Several minority partners have also invested in the deal. They include New Valley, Highgate Holdings, and Macklowe Properties. Mr. Witkoff said Highgate, an operator of hotels, would help run the Park Lane Hotel. Macklowe Properties would appear to bring additional development experience. That company, chaired by Harry Macklowe, is in the process of co-developing a project in that neighborhood, the nearby residential spire 432 Park Ave.
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The Park Lane Hotel, which was built by Harry and Leona Helmsley, and sold by the late Mrs. Helmsley's trust, sits along Central Park South between Fifth and Sixth Avenues, a stretch that is considered one of the city's most valuable locations. The area has seen several plans take shape in recent months for a new generation of super-tall ultra-luxury towers that offer sweeping view of Central Park and are asking for record prices.
With Macklowe involved this sucker is going to be redeveloped from the ground up.
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Old November 26th, 2013, 06:07 PM   #22
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Originally Posted by Vertical_Gotham View Post

With Macklowe involved this sucker is going to be redeveloped from the ground up so it can rival 432 PA.
Corrected.
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Old November 26th, 2013, 06:13 PM   #23
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so it can rival 432 PA
lol! That sounds really good Hunser! You know what that means though... The Shvo Central Park Tower will have to rise to 518m.
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Old January 14th, 2014, 03:32 AM   #24
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Supposedly, Witkoff is looking to acquire 1 or more adjacent buildings. 40 CPS, which is just west of the Park Lane, is a market-rate rental, and therefore, it can be easily emptied.

It's the 26 story building to the right, and like the PL, it runs all the way to 58th St. We could get another 400m+ tower here.

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Old January 14th, 2014, 10:55 AM   #25
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Goodness knows NO ONE will miss the current building.... another to rival 432 Park, 1O7 or 217 West 57th will be great but I'm concerned the NIMBY's will start yapping more and more about limiting height around Central Park regarding the overblown "shadow" problem that only will be noticed in reality for brief intervals. Along with the possibility of Shvo's proposed tower being built (and until more concrete plans are presented I'm going to think of his blatherings about it only as hot air)how many large towers do you think conceivably go up in the area?
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Old January 14th, 2014, 06:15 PM   #26
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That's a good sign they are looking to purchase some adjacent properties. That only means they have intentions razing this tower and build a significant tower.

Even if this ultimately does not reach 1,300ft, I will be ecstatic for a 1,050 footer. The location of this tower is even better than the Steinway and Nordstrom's and has the edge over 432 PA imo.
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Old January 14th, 2014, 06:39 PM   #27
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Yea, this and 220 CPW will have the best locations out of the new towers around Central Park.
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Old January 14th, 2014, 07:19 PM   #28
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Quote:
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Goodness knows NO ONE will miss the current building?
Well, it's been so prominent from central park for so long that some might have nostalgia for it later.
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Old January 14th, 2014, 07:22 PM   #29
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Quote:
Originally Posted by citybooster View Post
Goodness knows NO ONE will miss the current building.... another to rival 432 Park, 1O7 or 217 West 57th will be great but I'm concerned the NIMBY's will start yapping more and more about limiting height around Central Park regarding the overblown "shadow" problem that only will be noticed in reality for brief intervals. Along with the possibility of Shvo's proposed tower being built (and until more concrete plans are presented I'm going to think of his blatherings about it only as hot air)how many large towers do you think conceivably go up in the area?
There shouldn't be any shadow fear mongers here. The sun would set in the south west so the shadow should only clip the southeast corner of the park. It's already in shadow by then.
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Old January 14th, 2014, 07:28 PM   #30
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There shouldn't be any shadow fear mongers here. The sun would set in the south west so the shadow should only clip the southeast corner of the park. It's already in shadow by then.

Agreed, but those mongers will find something else to complain about lol. Maybe they will start to raise concerns how the shadow will effect the GM Plaza in the winter between 4:30 to sunset. Too cold to sit in those chairs in the shadows they will say.
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Old January 15th, 2014, 12:10 AM   #31
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Good to hear, Funkyskunk... and Vertical...probably true, lol!
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Old January 15th, 2014, 12:38 AM   #32
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The rental tower, 40 CPS, is shown in green and yellow. The Park Lane is shown in red.


Scalziand's annotations
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Last edited by RobertWalpole; January 15th, 2014 at 12:44 AM.
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Old January 15th, 2014, 12:48 AM   #33
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That's a huge footprint if they can get all those properties. Easily a large retail base like the Nordstrom with a nice supertall shooting up from behind a restored streetwall section along CPS. The shadow issue is gaining traction as NYC's NIMBYs cross-pollinate with the shadow hammer-wielding San Francisco ÜberNIMBYs.

Also on the radar: de Blasio's backroom deals with developers to ban carriage horses and empty out their stables for lucrative redevelopment.
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Old January 24th, 2014, 04:07 PM   #34
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image hosted on flickr

Central Park from 40 West 57th Street, NYC by Fusco Industries, on Flickr
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Old January 24th, 2014, 10:31 PM   #35
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If you think the front entrance is ugly, I advice you to not look at the back entrance.
The restaurant on the second floor is not bad though for a 70s building.
http://goo.gl/maps/7iQX1
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Old January 24th, 2014, 10:47 PM   #36
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To be honest, the back view looks much better than the front. The pinstripes are more enhanced.


For now, I suppose this one can go. Though in the future, mid-century architecture like this will be seen as more important, and more people, like me, will speak out against demolishing buildings like these.
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Old January 25th, 2014, 03:54 PM   #37
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I don't think anyone will mourn the destruction of the Park Lane. There's nothing to recommend the building except the location. The Park Room has a nice view, but it's as tired as the hotel. The only people with any attachment to this building would be tourists, and they only care about a nice view and cheap rates. It has some kitsch value due to the attachment to Leona, and some notoriety as a former drug and gun ring. That's it.

As a hotel it's also pulling a much worse rate than the other hotels in the neighborhood, which is understandable when its neighbors are the Pierre, the Sherry Netherland, and the Plaza. There's no argument to keep the building. It's also obvious that a superior design will reap huge rewards for this location.

It'd be great if the combined lot were developed. I'd love to see a classically designed twin tower building on this corner of the park as a foil to Time Warner, and as an homage to the San Remo, El Dorado, etc.
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Old January 25th, 2014, 07:10 PM   #38
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This is a building with low ceiling heights, which would make renovation into competitive luxury condos difficult. The plot is also subject to a significant haircut in square footage (I believe 1/3) if the current building is demolished. Therefore, unless a zoning change is in its future, the best chance for this plot to be involved in a new tower of substantial height is if it is combined with adjacent plots, and/or with air rights purchases.
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Old January 25th, 2014, 09:02 PM   #39
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Isn't there a loophole by which the developer can get around the height reduction, if they keep a certain amount of the foundation?
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Old January 26th, 2014, 07:16 PM   #40
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Isn't there a loophole by which the developer can get around the height reduction, if they keep a certain amount of the foundation?
Thanks for reminding me about that, but is that a palatable prospect, given what the base looks like?

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