One of New York City's classic hotels, the Park Lane Hotel, at 36 Central Park South, has been sold for $660 million. The 605-room luxury hotel, with 47 floors and 446,000 square feet, is located between Fifth and Sixth avenues.
The property was sold by the Leona M. and Harry B. Helmsley Charitable Trust. Real estate magnate Harry Helmsley died in 1997 and his wife Leona passed away 10 years later.
The Witkoff Group led an investment consortium of Jynwel Capital, as majority investor, New Valley LLC, Highgate Holdings and Macklowe Properties. Wells Fargo and Criterion Real Estate Capital provided financing for the acquisition.
Jynwel was represented by Eric Landau, a partner and Marty Edelman, counsel, at Paul Hastings, who led a team that included associates Daniel Blaser, Lynn Feng, Heather Lockhart, Sharon Makowsky and Jeff Myers.
Douglas Heitner, a partner at Kasowitz, Benson, Torres & Friedman, and associate Christy Mazzola represented Witkoff and the other partner investors.
Marco Caffuzzi and Benjamin Needell, partners at Skadden, Arps, Slate, Meagher & Flom, along with associate Ryan Knutson represented the trust.
Alan Weil and Matthew Fernand, partners at Sidley Austin, and associate David Myers represented Wells Fargo.
Louis Hait,a partner at Kaye Scholer, and associates Keith Tagliavia, Eduard Cadmus and Chad Sandler represented Criterion.
"The Park Lane sits at the very center of retail and culture in Manhattan, with sweeping views of Central Park," Steven Witkoff, chairman and CEO of The Witkoff Group, said in a 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."
Highgate Hotels will reportedly manage the property, which will be upgraded and rebranded as Park Lane New York. The hotel also has an outdoor garden terrace on the second floor adjacent to one of the ballrooms.