- Posted at 11:55, November 26, 2013
- By Russ Bleemer
Investor Steven C. Witkoff has closed a deal for the acquisition of the Park Lane Hotel.
Crain's New York Business reports today that Witkoff has joined with a Malaysia-based equity partner, Jynwel Capital, to buy the iconic Central Park South hotel for $660 million--adding to the list of recent investments in prime commercial and residential real estate in NYC by Asian companies.
Witkoff told Crain's that the hotel will stay put, noting that it earns $20 million to $25 million annually, "which is enough to service this debt while we consider longer term plans."
Wells Fargo and Criterion Real Estate Capital financed the deal, which included consortium partners New Valley LLC, Highgate Holdings and Macklowe Properties, according to a Jynwel press release, available here.