Not even all the gaudy 1980s glamor in the world can stop the ravages of time. Empires rise and empires fall; the Helmsleys’ carefully-assembled real estate one is no exception. Leona Helmsley’s Estate has been selling off the couple’s carefully-assembled New York portfolio following her death in 2007, with one extensive renovation after another wiping out all the real estate magnates’ touches. And with the pending sale of the Park Lane Hotel, yet another trace of the tax-evading couple looks likely to disappear from the city’s landscape.
A deal has been reached to sell the Park Lane Hotel, the eye-catching 1970s tower on Central Park South, to a team led by the Witkoff Group for more than $650 million, the Wall Street Journal reported. And, as the purchase price suggests, whether or not the building is demolished, very little is likely to remain as is—the Park Lane’s appeal lies in its prime location. The dated architecture is just a bonus. Read More