The plan to transform Manhattan’s Park Lane Hotel into a super tall 1,210-foot luxury condominium tower is getting a boost from a new backer.
The framework of the deal — which was outlined in a Hong Kong press release that largely escaped attention here — could restart the project, dubbed One Park Lane.
In January, lead developer Steve Witkoff told Bloomberg that “ velocity” in the super-luxury market had slowed. That prompted Witkoff and his partners to halt efforts to raise money through the government’s EB-5 visa program, which is popular with Chinese investors, while continuing to operate the hotel.
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