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Manhattan Developer Ices Plans for Central Park Luxury Condos

  • Witkoff says Park Lane tower will remain a hotel for now
  • `The velocity is not what it was' in high-end sales market

Developer Steven Witkoff is holding off on converting Manhattan’s Park Lane Hotel into luxury condominiums -- for now.

The owners are contemplating a renovation of the 46-story hotel at the foot of Central Park, Witkoff said in an interview. He led a group that acquired the property from the estate of Leona Helmsley for $660 million in 2013, with options including demolishing the existing structure, converting the building into a combination of hotel rooms and condominiums and continuing to operate the hotel. Since then, the allure of building high-end homes has dimmed as new towers aimed at multimillionaire buyers crowd the market.