The Park Lane Hotel, located on Central Park South, adjacent to the world famous Plaza Hotel in New York City is known for its irreplaceable high value location. However, the building is perceived as tired and in need of capital refurbishment. When the property was purchased in 2013 for US$660 million or US$1.1 million per room, it was reported that the building would be renovated, either fully or partially converted to residential use, or demolished and redeveloped from the ground up as either residential, hotel or a mixture of both. An investment team led by Witkoff Group recently announced it is halting its plans, at least for the near term, to redevelop the property into luxury residential condominiums.

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