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-   -   NEW YORK | 36 Central Park So. (Park Lane development) | FT | FLOORS (http://forum.skyscraperpage.com/showthread.php?t=208092)

NYguy Oct 16, 2013 12:14 PM

NEW YORK | 36 Central Park So. (Park Lane development) | FT | FLOORS
 
This one is coming more into focus...

http://online.wsj.com/article/SB1000...033420148.html

Quote:

A team led by New York development company Witkoff Group has reached an agreement with the estate of real-estate magnate Leona Helmsley to buy the 46-story Park Lane Hotel on Central Park South for more than $650 million, according to multiple people with knowledge of the deal.

The New York-based developer plans to turn the bulk of the property—the tallest building on Central Park South that towers over the Plaza Hotel just to its east—into high-priced condominiums, these people said. Still, it remained unclear whether Witkoff plans to tear down the hotel and build a new tower, or whether the company would convert the existing hotel.

If it opts to tear down the 370,000-square-foot property, zoning regulations only allow it to build a tower about two-thirds the size. Converting has its perils as well: Ceilings throughout the building are low, and the building lacks the prewar architecture that has helped boost the appeal of other high-priced conversions.



http://www.nytimes.com/2013/10/06/ny...pagewanted=all

By ALAN FEUER and CHARLES V. BAGLI
October 4, 2013

Quote:

...Faced in concrete and largely unadorned, Mr. Macklowe’s building does possess an unpretentious elegance, despite astronomical asking prices. Nor does it appear that 432 Park will be his last attempt to woo the über-wealthy. He is considering the purchase of 1 Chase Manhattan Plaza, in Lower Manhattan, and is working on a partnership with the developer Steve Witkoff to redevelop the Park Lane Hotel on Central Park South into deluxe condominiums.



http://www.nytimes.com/2013/10/16/ny...=nyregion&_r=0


http://graphics8.nytimes.com/images/...phic-popup.png


By CHARLES V BAGLI
October 15, 2013


Quote:

Mr. Barnett, president of Extell Development, is already building One57, a 1,004-foot tower on 57th Street just east of Seventh Avenue, where the penthouse is under contract for $90 million. To the east, the penthouse at the 1,396-foot skyscraper under construction by Harry Macklowe and the CIM Group is selling for $95 million, or more than $11,000 a square foot.

Now, Mr. Barnett plans to erect a tower of at least 1,400 feet on 57th Street, just east of Broadway. Directly to the north, Mr. Roth, chairman of Vornado Realty, will proceed with a 65-story (roughly 900-feet-tall) residential tower.

Michael Stern of JDS Development is planning a very thin 1,350-foot-tall tower only a few doors east of Mr. Barnett’s One57.

Not far away, a group led by Steve Witkoff is buying the Park Lane Hotel on Central Park South for $650 million, with plans to demolish the building in favor of a sleek tower with apartments averaging $7,000 a square foot, according to real estate executives.


Location of two planned towers on Central Park South...

http://www.pbase.com/nyguy/image/152720339/original.jpg

NYguy Oct 16, 2013 12:32 PM

http://www.pbase.com/nyguy/image/152907290/original.jpg



http://www.pbase.com/nyguy/image/152907291/original.jpg



http://www.pbase.com/nyguy/image/152907297/original.jpg



http://www.pbase.com/nyguy/image/152907301/original.jpg



http://www.pbase.com/nyguy/image/152907298/original.jpg



http://www.pbase.com/nyguy/image/152907299/original.jpg



http://www.pbase.com/nyguy/image/152907300/original.jpg



http://www.pbase.com/nyguy/image/152907266/original.jpg

antinimby Oct 16, 2013 12:43 PM

It's the interloper of CPS.

NYguy Oct 16, 2013 1:04 PM

I hadn't realized how horrible a design that building is, at least the exterior, until I started paying more attention to it lately. Maybe they can get Stern to design a bookend tower to 220 Central Park South.


http://www.helmsleyparklane.com/


http://www.helmsleyparklane.com/imag...masthead01.jpg



http://www.helmsleyparklane.com/imag...masthead04.jpg

Tectonic Oct 16, 2013 3:09 PM

Park Lane is pretty bad looking. There are a couple others on CPS as well.

chris08876 Oct 16, 2013 7:27 PM

Any chance they would ask for an exception to the zoning to build higher? It just seems that such a site, given the location could be very tall and have many more condos/homes.

Perklol Oct 16, 2013 7:38 PM

Would this be a 400 ft tower or 1000+?

NYguy Oct 16, 2013 9:14 PM

Hey look, we've got a "mirror"...
http://reviewpakistan.com/pakistanis...7C-floors.html


Quote:

Originally Posted by Tectonic (Post 6304268)
Park Lane is pretty bad looking. There are a couple others on CPS as well.

It's terrible for its location. As far as CPS goes though, the buildings are individually the greatest, but together they form the iconic CPS skyline. I wouldn't want to see a glass tower here,
it's no ordinary stretch of Manhattan.


Quote:

Originally Posted by chris08876 (Post 6304682)
Any chance they would ask for an exception to the zoning to build higher?

They can always do that. It will require the development go through the approvals process though, which is never guaranteed. It wouldn't be to go "higher", but to build a larger development,
which could take them higher. Being directly on the park, like 220 CPS, they don't need to go as high as everyone else.



Quote:

Originally Posted by Eveningsong (Post 6304712)
Would this be a 400 ft tower or 1000+?

Nobody knows. I highly doubt it would pass 1,000 ft, and I hope it doesn't.


Another look at the site in the overall CPS and midtown skylines...


http://www.pbase.com/nyguy/image/152908352/original.jpg

JayPro Oct 16, 2013 9:28 PM

If whatever gets done here is twice the height tops of this hopelessly-outdated slab with its offensively vapid blank wall, I'll be happy.

supertallchaser Oct 16, 2013 9:30 PM

it would kinda look odd if it hit 1000ft it would directly border central park right?

McSky Oct 16, 2013 9:52 PM

Quote:

Originally Posted by Eveningsong (Post 6304712)
Would this be a 400 ft tower or 1000+?

I'm not sure if buildable square feet when a building is under new construction includes the core area. Can someone who knows weigh in on this?

reencharles Oct 17, 2013 3:10 AM

I hope they build something good here. Maybe a art deco style. Something that matches with your neighbors.
This is one of the best places in city.

NYguy Oct 17, 2013 7:31 PM

Quote:

Originally Posted by supertallchaser (Post 6304919)
it would kinda look odd if it hit 1000ft it would directly border central park right?

Whatever the height, I think the main shaft would rise on 58th street, similar to 220 CPS.


Quote:

Originally Posted by McSky (Post 6304945)
I'm not sure if buildable square feet when a building is under new construction includes the core area. Can someone who knows weigh in on this?

It doesn't include any type of mechanical space, which is why you sometimes get different size amounts in the media (floor space, and overall).

Below you see the close proximity to the 111 W. 57th site. Both developments are relatively small overall.


http://www.pbase.com/nyguy/image/152929312/original.jpg



http://www.pbase.com/nyguy/image/152929313/original.jpg

NYguy Nov 26, 2013 12:48 PM

http://www.crainsnewyork.com/article...TATE/131129920

Park Lane Hotel on Cental Park South fetches $660M
The property was bought by Developer Steven Witkoff and a Malaysian equity partner, Jynwel Capital, who plan to operate it as a hotel as they mull options such as a residential conversion or tearing it down and building anew.



By Daniel Geiger
November 26, 2013


Quote:

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.

The deal is the latest of several high profile real estate transactions completed with an investor from the Far East. In late October, the Kwee family from Singapore invested $300 million into a planned mixed use tower at 53 W. 53rd St., which has been popularly known as the MoMA Tower because it will provide expansion space in its base for the MoMA, which is next door. Asian financiers also bankrolled that project's $860 million construction loan, according to a report in The Wall Street Journal.

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.

"This was a unique deal because we're keeping the hotel operations," Mr. Witkoff said. "It's a cash flow deal, the hotel earns about $20 to $25 million annually, which is enough to service this debt while we consider longer term plans."

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.


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.

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.

In addition to Jynwel and the Kwee family, several other Asian investors have made bold entries into New York City real estate in recent months. Greenland Holdings Group, a real estate development and investment company owned by the Chinese government, has entered into a contract to acquire a majority stake in the Atlantic Yards development project in Brooklyn. Fosun International, another group from China, entered into a deal to acquire the office property 1 Chase Manhattan Plaza in lower Manhattan for $725 million in October.

Crawford Nov 26, 2013 2:22 PM

With Macklowe on board, plus the Malaysian investors, you know this is going to be a super-skinny, super-expensive condo tower.

I just hope they get a great architect.

NYguy Nov 26, 2013 4:10 PM

Quote:

Originally Posted by Crawford (Post 6353455)
With Macklowe on board, plus the Malaysian investors, you know this is going to be a super-skinny, super-expensive condo tower.

I just hope they get a great architect.


Yeah, I believe I read somewhere that the plan is to keep the hotel running for a couple of years. By the time this kicks off, most of the nearby super-luxury buildings will be rising, topped out, or already completed. Whatever development happens here would be one of the "new kids" on the block....

antinimby Nov 26, 2013 4:13 PM

And you all would be setting up yourselves to be disappointed when they decide to just renovate.

NYguy Nov 26, 2013 4:20 PM

Quote:

Originally Posted by antinimby (Post 6353624)
And you all would be setting up yourselves to be disappointed when they decide to just renovate.

Not at all, not with all of the development going on nearby. This is a site directly on Central Park South. It's a horrible, ugly little building, one of the few I wouldn't mind seeing taken down. But if it doesn't happen, I wouldn't be up in arms.

However, I do find it extremely unlikely they will do a renovation. There is too much money to be made there.

Crawford Nov 26, 2013 4:21 PM

Quote:

Originally Posted by antinimby (Post 6353624)
And you all would be setting up yourselves to be disappointed when they decide to just renovate.

If they do renovate, yeah, I would be disappointed. But I don't see why they would do this.

The hotel has super-low floor heights. It's completely unworkable as luxury housing.

The value is in the land, not the building, which is why they spent so much to acquire the parcel. And it's probably also why they brought in Macklowe, who does super-luxury housing, and the Malaysian investors, who do new construction housing.

NYguy Nov 26, 2013 4:30 PM

Quote:

Originally Posted by Crawford (Post 6353631)
The hotel has super-low floor heights. It's completely unworkable as luxury housing.

The value is in the land, not the building, which is why they spent so much to acquire the parcel. And it's probably also why they brought in Macklowe, who does super-luxury housing, and the Malaysian investors, who do new construction housing.


I will say that they know what they are doing here. It's too early to say that they will demolish the building, there are complicating factors, and they intend to keep the hotel running in the short term. But expect super-luxury here. That means high ceilings, and everything that comes with it.

What I DO NOT want is a glass building here.


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