Witkoff-Led Group Drops $650M On NYC's Park Lane Hotel

Law360, New York (July 17, 2013, 5:57 PM EDT) -- A group of investors led by The Witkoff Group have agreed to purchase the 46-story Park Lane Hotel adjacent to Manhattan's Central Park for $650 million from the estate of real estate giant Leona Helmsley, according to news reports published Wednesday.

Witkoff and its partners will reportedly purchase the hotel on Central Park South and turn most of its 370,000 square feet into luxury condominiums, taking advantage of that market's skyrocketing prices, sources told the Wall Street Journal.

It wasn't immediately clear whether the investors planned...
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