Central Park South Supertall Project May Have A Pulse Again
Greenland Holding Group has thrown its hat (and a big pile of its own money) into the ring for a 41% stake in a project to build a 1,210 foot luxury condo tower on the site of the Park Lane Hotel at the southern end of Central Park.
The project, called One Park Lane, had been stalled by hiccups in Manhattan’s superluxe condo market. Earlier this year, Witkoff Group, the project’s lead developer, called off efforts to raise money for it through the EB-5 program.
The infusion of cash into the project means pre-development financing is proceeding, reports the New York Post. A press release out of Hong Kong cited by the paper claims the project is aiming for a total sell-out of between $3.6B and $4.3B.
That would mean it would have to hit pricing of $8k to $9k/SF—a far cry from even the high end of what we see nowadays.
The timing of the news is sure interesting, coming amid chatter that the city’s high-end condo market could be overbuilding, and the same week Joseph Chetrit sold his firm’s interest in a superluxe conversion of the Sony Building in Midtown. [NYP]
