NEW YORK CITY-The estate of Leona Helmsley has agreed to sell the Park Lane Hotel on Central Park South to a group led by the Witkoff Group of New York City for $650 million.
The Witkoff team plans to convert the bulk of the 46-story property into luxury condominiums, according to a Wall Street Journal report. Presently, it is unclear if there are plans to tear down the 370,000-square-foot hotel and build a new tower, or whether the developer would convert the existing hotel into condominiums.
The Park Lane hotel was part of the real-estate portfolio of Harry Helmsley, who died in 1997. Since the death of Leona Helmsley in 2007, the Helmsley estate has gradually been selling off its remaining properties. CBRE Group began soliciting bidders for the Park Lane this past spring. On Tuesday, the Witkoff venture signed a contract for the purchase, the report states. 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.
