Witkoff, Jynwell Close on NYC’s Park Lane Hotel for $660M
- Nov 27, 2013
An investment consortium led by The Witkoff Group, and majority backer Jynwel Capital, has acquired the Helmsley Park Lane Hotel in New York City for $660 million from the Leona M. and Harry B. Helmsley Charitable Trust.
Additional partners in the consortium include New Valley L.L.C., Highgate Holdings and Macklowe Properties.
“We see a lot of opportunity in the New York real estate and hospitality market,” Jho Low, Jynwel Capital’s CEO, told Commercial Property Executive. “We are excited to partner with The Witkoff Group to expand our portfolio of investments to include this attractive New York City hotel property.”
Located at 36 Central Park South, the 47-story, 605-key, 446,000-square-foot luxury hotel is situated between Fifth and Sixth avenues, one of the city’s most desirable locations. It is close to Fifth Avenue shopping, Broadway theaters, Museum Mile, Carnegie Hall, Radio City, and Lincoln Center.
The hotel offers panoramic views of Central Park, and contains onsite dining at the renowned Park Room restaurant, a fitness center, Internet access and more.
The investment group plans to upgrade the hotel to enhance the efficiency of operations and will rebrand it as the Park Lane New York.
“The Park Lane sits at the very center of retail and culture in Manhattan, with sweeping views of Central Park,” Steven Witkoff, The Witkoff Group’s chairman &CEO, said in a company statement. “We look forward to working with our partners to continue to operate the property as one of the preeminent hotels in New York City.”
Wells Fargo and Criterion Real Estate Capital provided financing for the acquisition. Douglas Heitner and Christy Mazzola of Kasowitz’s real estate group represented The Witkoff Group in the purchase of the Park Lane Hotel.
Going forward, Highgate Hotels will manage the property.
The Witkoff Group has acquired more than 60 properties, consisting of approximately 18 million square feet, in major central business districts throughout the United States and London. These properties include office buildings, hotels and more than 12,000 residential units, representing a total cost of approximately $7 billion.