Developer Steven Witkoff's plan to transform the aging Helmsley Park Lane Hotel into a 1,200-foot ultra-luxury condo tower on Central Park South may be back on. Chinese developer Greenland Hong Kong has acquired a 41-percent stake in the project from Kuwait Strategic Investors in exchange for shares of Greenland, the Post reports (h/t REW). The funding infusion could mean the project may be revived sooner than expected.
In January, Witkoff told Bloomberg that he was pulling back on the conversion because of a slow-down in market "velocity" in the ultra-luxe category. With Greenland Hong Kong in place, sources of the Post say that pre-development financing is underway for the project.
Witkoff was berated by critics of the tower for abusing the EB-5 program, which secures green cards for investors in projects that create jobs. With the luxury sales market slowdown, Witkoff reeled in efforts to raise funds through EB-5.
The development, designed by Gary Handel, claims a $3.6 to $4.3 billion sellout according to documents gleaned by the Post. That means apartments in the building will be asking approximately $8,000 to $9,000 per square foot. By comparison, condos in 432 Park Avenue command $7,761 per square foot on average, according to StreetEasy.
- Stalled Park Lane Hotel condo conversion gets new backer [NYP]
- Chinese developer Greenland acquires 41% stake in Park Lane Hotel [REW]
- Central Park South Hotel Won't Give Way to Condos After All [Curbed]
- Critics Decry Luxe Tower's 'Widespread Abuse' of Aid Program [Curbed]
- All 36 Central Park South coverage [Curbed]