Investors led by the?Witkoff Group?agreed to buy the Helmsley Park Lane Hotel on Manhattan?s Central Park?South for about $660 million, according to a person with knowledge of the transaction.
The purchase, from the estate of?Leona Helmsley, is expected to be completed by the end of November, said the person, who asked not to be named because the deal is private. Witkoff Group, a New York-based developer, is leading a team that includes unidentified foreign partners, the person said.
The buyers, who plan to invest a substantial amount of equity, are considering options that range from converting the property into a combination of condominiums and hotel rooms, to demolishing and replacing the 46-story tower with a new building, the person said.
The investors intend to turn the majority of the property into luxury condos, according to the Wall Street Journal, which reported the planned sale on its website late yesterday.
Witkoff Group Chief Executive Officer Steven Witkoff and Scott Alper, a company principal, didn?t immediately return telephone calls seeking comment on the deal. Bob McGrath, a spokesman for brokerage?CBRE Group Inc. (CBG), which represented the seller, declined to comment. Kevin Cavanaugh, a spokesman for the Helmsley estate, didn?t immediately return a phone message.
The hotel features views of Central Park and is home to the Park Room restaurant and Harry?sNew York?Bar & Lounge. Room rates start at $337.50 a night for the week of July 22, according to the property?s?website.