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.

Subscribe to the YIMBY newsletter for weekly updates on New York’s top projects

Broad Exchange Horizon
.

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.