The Qatar Investment Authority has acquired the Park Lane Hotel on Central Park South for $623M, PincusCo reported.
The $450M sovereign wealth fund did not indicate whether it plans to convert a portion of the 46-story building into condos. The purchase price is close to the $654M that Malaysian developer Jho Low and the Witkoff Group paid for the trophy in 2013 with plans for a condo conversion.
In 2016, the 631-room hotel, located at 36 Central Park South and developed in 1967 by Harry Helmsley, was embroiled in one of the largest global fraud cases in history—Malaysia's $4.5B 1MDB scandal—when the US government made moves to seize the property.
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