The Helmsley Park Lane Hotel on Central Park South isn't headed for a ritzy condo overhaul after allat least not yet. Bloomberg checked in with developer Steven Witkoff, who purchased the prime piece of Central Park South real estate in 2013 with plans to either renovate or raze the dated hotel and build a luxury condo building to rival the rest. But Witkoff has pulled back on that plan in a market saturated with luxury condos. "The fact of the matter is, the velocity is not what it was," the developer told Bloomberg. "Because we have a cash flow, we have the flexibility to wait."
The "we" in that equation is Witkoff and fellow developer Harry Macklowe, who's behind such major NYC projects as 432 Park Avenue and the conversion of One Wall Street. As per Crain's, the developers' decision to hold on moving forward at the Helmsley Park Lane comes amidst "signs of an oversupply after a post-recession construction surge."
Bloomberg elaborates,
In the third quarter, the number of homes for sale in the top fifth of the market jumped 8.9%, according to data from real estate website StreetEasy. Listings fell more than 3% for the other four levels combined. So there you have it. After tons of speculation and chatter, a whole lot of nothing will happen at the site in the near future. Witkoff didn't comment on when they might pick up plans for the site.
· Developer ices plans for Central Park luxury condos [Bloomberg]
· Campaign to Landmark Park Lane Hotel Returns [Curbed]
· Interior Renders Surface For Mysterious Midtown Condo Tower [Curbed]
· Critics Decry Luxe Tower's 'Widespread Abuse' of Aid Program [Curbed]
· All 36 Central Park South coverage [Curbed]
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