{"id":1004087620,"date":"2013-11-27T07:26:13","date_gmt":"2013-11-27T15:26:13","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004087620"},"modified":"2022-03-03T09:01:36","modified_gmt":"2022-03-03T17:01:36","slug":"witkoff-jynwell-close-on-nycs-park-lane-hotel-for-660m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/witkoff-jynwell-close-on-nycs-park-lane-hotel-for-660m\/","title":{"rendered":"Witkoff, Jynwell Close on NYC&#8217;s Park Lane Hotel for $660M"},"content":{"rendered":"<p><i>By Keith Loria, Contributing Editor<\/i><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/WITKOFF.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004087623\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/witkoff-jynwell-close-on-nycs-park-lane-hotel-for-660m\/witkoff\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/WITKOFF.jpg\" data-orig-size=\"233,350\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"WITKOFF\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/WITKOFF.jpg?w=233\" class=\"alignleft size-medium wp-image-1004087623\" alt=\"WITKOFF\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/WITKOFF.jpg\" width=\"199\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/WITKOFF.jpg 233w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/WITKOFF.jpg?resize=200,300 200w\" sizes=\"auto, (max-width: 199px) 100vw, 199px\" \/><\/a>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.<\/p>\n<p>Additional partners in the consortium include New Valley L.L.C., Highgate Holdings and Macklowe Properties.<\/p>\n<p>\u201cWe see a lot of opportunity in the New York real estate and hospitality market,\u201d Jho Low, Jynwel Capital\u2019s CEO, told <i>Commercial Property Executive<\/i>. \u201cWe are excited to partner with The Witkoff Group to expand our portfolio of investments to include this attractive New York City hotel property.\u201d<\/p>\n<p>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\u2019s most desirable locations. It is close to Fifth Avenue shopping, Broadway theaters, Museum Mile, Carnegie Hall, Radio City, and Lincoln Center.<\/p>\n<p>The hotel offers panoramic views of Central Park, and contains onsite <a href=\"https:\/\/www.parklanenewyork.com\/midtown-manhattan-restaurants.html#content\">dining<\/a> at the renowned Park Room restaurant, a fitness center, Internet access and more.<\/p>\n<p>The investment group plans to upgrade the hotel to enhance the efficiency of operations and will rebrand it as the Park Lane New York.<\/p>\n<p>\u201cThe Park Lane sits at the very center of retail and culture in Manhattan, with sweeping views of Central Park,\u201d Steven Witkoff, The Witkoff Group\u2019s chairman &amp;CEO, said in a company statement. \u201cWe look forward to working with our partners to continue to operate the property as one of the preeminent hotels in New York City.\u201d<\/p>\n<p>Wells Fargo and Criterion Real Estate Capital provided financing for the acquisition. Douglas Heitner and Christy Mazzola of Kasowitz\u2019s real estate group represented The Witkoff Group in the purchase of the Park Lane Hotel.<\/p>\n<p>Going forward, Highgate Hotels will manage the property.<\/p>\n<p>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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 and Harry Helmsley Charitable Trust. <\/p>\n","protected":false},"author":451,"featured_media":1004087623,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,1600,21742],"tags":[],"class_list":["post-1004087620","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-new-york","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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