Developers Shelve Plans For Residential Tower At 36 Central Park South, Midtown

36 Central Park SouthPresent-day Park Lane Hotel at 36 Central Park South, photos via Witkoff

Over the summer, YIMBY brought you new renderings and details on the planned 88-unit luxury residential tower at 36 Central Park South, dubbed 1 Park Lane, which would replace the 46-story, 628-key Park Lane Hotel. The project was in the pre-development stages and advertised in the EB-5 program, but its developers, Witkoff and Macklowe Properties, are shelving plans for now, Bloomberg Business reports. Due to uncertainty in EB-5’s congressional reform, a slowdown in the Chinese economy, and an over-saturation in the ultra-luxury residential market, the Park Lane will remain as a hotel for the foreseeable future. Its operations and management are in the process of being repositioned, and Witkoff is in talks to refinance debt on the property.

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4 Comments on "Developers Shelve Plans For Residential Tower At 36 Central Park South, Midtown"

  1. WOW! This is huge news! The staff at the Park Lane must be breathing a huge sigh of relief.

  2. Finally some rational thinking. While the Park Lane is far from the prestige and elegance of its heyday in the 1970’s it is a prime property as a hotel and perfect for land-banking. While the per key price was on the high-side esp. retaining use as a hotel, the reality is the existing use will generate income and service some of the debt. With its prime location, views and through block design, a rare opportunity indeed. Maybe we may see a renovation/reuse plan of which I have always suggested 2/residences per floor, place some additional windows on the east and west facades and make the 2nd floor restaurant with the unobstructed views a premier restaurant space. Finally renovate Leona’s penthouse, the 360 views cannot be replicated.

  3. A dated and awful hotel

  4. Well, I’m glad they’re not tearing it down, (yet anyway).

Comments are closed.