The Park Lane Hotel, situated at 36 Central Park South and acquired in 2013 for $660 million, remains open to the public as plans for conversion are put on hold. New owner and developer Steven Witkoff originally planned to demolish the hotel and build a complex consisting of both hotel rooms and condominiums, but Manhattan’s oversupply of luxury listings has dimmed demand in the local real estate sphere. As more high-priced condos hit the market, demand isn’t as high as it was just a few years ago. Developers like Witkoff see the slow down and are willing to wait until demand increases again. "The fact of the matter is, the velocity is not what it was," Witkoff said. "Because we have a cash flow, we have the flexibility to wait." According to StreetEasy’s 2015 Q4 Market...
- As more high-priced condos hit the market, demand isn’t as high as it was just a few years ago.
- According to StreetEasy’s 2015 Q4 Market Report, the heavy focus on global and investor opportunities in 2014 is closing out, with many indications that the Manhattan luxury market is in oversupply.
- In the meantime, Park Lane Hotel owner Steven Witkoff has put plans to raise money through Chinese investors through the EB-5 program on hold.