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.
“The fact of the matter is, the velocity is not what it was,” said Witkoff, whose partners include fellow developer Harry Macklowe. “Because we have a cash flow, we have the flexibility to wait.”
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