NEW YORK CITY-Several developers have already submitted non-binding offers to the estate of Leona Helmsley for the Park Lane Hotel on Central Park South in the hopes of converting the property into high-end condominiums.
Thus far, the estate has received nonbinding offers of more than $600 million for the property from developers with luxury condominium projects in mind, according to real-estate executives. One offer came from developer Harry Macklowe and the other came from a venture of developer Steven Witkoff and California-based CIM Group, according to the Wall Street Journal.
CBRE Group Inc., an advisor to the estate in connection with the 46-story hotel, has informed developers that the hotel could go on the sales block within weeks. See story in the Wall Street Journal.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
