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.
A big change for a Lower Manhattan landmark is one step closer to becoming a reality. On Tuesday, the Landmarks Preservation Commission approved modifications to 1 Wall Street, paving the way for its conversion from bank headquarters to residential condominiums with ground-floor retail.
In the middle of 2014, Macklowe Properties closed on an assemblage on the corner of 59th Street and Third Avenue for $100 million, acquiring it from SL Green. Now, with the former structures demolished, YIMBY can reveal the first renderings of the site’s future occupant, designed by CetraRuddy, which will stand 35 stories and 490 feet tall.
Last month, YIMBY brought you the first look at Robert A.M. Stern’s design for One Wall Street, a 50-story office tower that’s set to become a mix of condos and rentals. Now Macklowe Properties has filed alteration applications to transform the building into 524 apartments.