Indeed, I’d rather wait it out for something mega rather than a mediocre tower shooting up tomorrow
I agree, Stig.
Clearly, something stunning will rise here. It’s just a matter of when.
Good news, I’m sure whatever and whenever they decide to move forward, Greenland is going to want to make this uber Central Park prime property very nice.
that 8 billion dollar investment fund sounds intriguing. You could do multiple major projects with that.
The plan to transform Manhattan’s Park Lane Hotel into a super tall 1,210-foot luxury condominium tower is getting a boost from a new backer.
Chinese developer Greenland Holding Group is buying a 41 percent stake in the future project from a Kuwaiti fund in exchange for shares in Greenland, which is also developing Brooklyn’s Pacific Park.
The framework of the deal — which was outlined in a Hong Kong press release that largely escaped attention here — could restart the project, dubbed One Park Lane.
Now, along with the new partner, pre-development financing is also underway for the project, sources told The Post. Witkoff did not return calls and emails for comment.
The new Gary Handel-designed skyscraper would sit on the southern end of Central Park, along what has become known as “Billionaire’s Row” — what the Hong Kong press release mistakenly dubs “Billionaire’s Circle.”
The release also proclaims a condominium sell-out value of $3.6 billion to $4.3 billion. To achieve that valuation, pricing for the 450,000 square-foot project would have to hit around $8,000 to $9,000 per foot.
While this is much more than current luxury pricing that ranges up to $6,000 per foot and averaged a high of $2,800 per foot in the first quarter, according to the latest Elliman Report, it is within the realm of possibility four years from now, when the new tower could be open for residents.
This is fantastic news. It seems like the Chinese are setting their eyes on New York now, maybe because of the economic instability over there? Regardless of why, this could be a great start to another boom of supertalls and maybe they will build the city’s next tallest!!!
Hopefully 80 South would be it with the Park Lane coming in at a close 2nd.
143 East 60th is Chinese too and that will be a supertall and hopefully one day the Chinese can find a nice lot somewhere in the Yards to build the city’s newest undisputed tallest.
Chinese developer Greenland Hong Kong strikes New York investment deal with Kuwaiti royal
I have a feeling with the backing with the $Kuwaiti’s, this could be set in motion pretty quickly.
The magic word is “Greenland”.
Any time the Chinese are involved, things will rise in a speedy manner. They are serious builders. Just look how quick some of their overseas projects or even ones in LA have moved from the soft to hard cost stage.
I agree Chris! In terms of seriousness, these guys are certainly serious. A perfect Chinese partner to have for such a trophy project.
The Park lane is the most central location vs all the B row towers.
I agree. I hope that the design is amazing. I liked the Pelli design, but most of what I’ve seen is not sufficiently iconic for this unparalleled location.
The good thing is that the location offers unobstructed views. The market is still going strong, but I hope they don’t downscale it as a reaction to the last couple of quarters which have seen a slow down (uber luxury that is).
Even if they start now, it will take a very long time to demolish the hotel and construct a very tall tower. There will be strong demand when this rises.
The same is true for 666 Fifth.
so, if I am reading this right, Witkoff has been trying to secure this last property to build his condo tower. The property he has been trying to get may get confiscated by DOJ which would then sell it.
So does this mean we are possible getting closer to seeing some movement on this proposal?
I can’t wait for a landmark to rise at the Park Lane site!
I can’t wait for this landmark to be in this image!
Bonus shots from outside the Met!
Hi guys, I am one of the EB5 investors of Park Lane Project. I worry about it because it got postponed again and again. Can anyone help and provide me some information about when the actual construction will start?
You need to contact the developer. The project will get built, but there’s no public timetable yet.
I can tell you that the site is fantastic and will probably generate huge returns, but details on financing and construction schedule can only be accurately answered by the developer.