In 2004, Parkview acquired the Carnegie Hotel at 229 West 58th Street between Seventh Avenue and Broadway. The acquisition was the first move in a strategic plan that involved acquiring the two adjoining sites to the East and West as the combined base for a new residential tower dubbed Parkview Tower. 230 Central Park South, where Parkview already had significant holdings, would offer a ground-level passageway for tower residents with direct access to Central Park.
Around the same time, development giants Vornado and Extell got wind of the idea and began competing for land acquisitions in the same area. When the neighboring 1950s-era building at 220 Central Park South went up for auction in 2005, Parkview was outbid by Vornado, which paid $131 million for the building and an additional $40 million to buy out tenants-in-place.
Ultimately, Parkview sold the 229 West 58th Street site and tower plans to Vornado in 2006 for $20 million. The resulting 41-story, Robert AM Stern designed tower is one of the most successful residential condo developments of all time with a $4.32 billion sellout. Parkview's concept was ultimately realized by a larger, publicly funded developer.
The Carnegie Hotel operation moved to a newly constructed home at 160 W 56th Street where it welcomes guests today in a modern new edifice.
Parkview Tower Rendering
An architect's visualization of plans for Parkview Tower to be built on the site of the old Carnegie Hotel and surrounding 58th Street plots.
Parkview Tower Site
Parkview Tower was to be built on the site of the old Carnegie Hotel and adjacent lots. Ultimately, Vornado acquired these lots to build a new tower at 220 Central Park South.
In this 2017 aerial photo, the sites of the former Carnegie Hotel and surrounding plots on 58th Street, as well as the old 220 Central Park South, have been cleared to make way for construction of Vornado's residential tower.
230 Central Park South Easement
Parkview's plans for Parkview Tower included an easement from 230 Central Park South, providing direct park access to residents of the tower rising on 58th Street.
220 Central Park South
Parkview's vision for the Carnegie Hotel site and surrounding parcels was ultimately realized by Vornado at 220 Central Park South with a new design by Robert AM Stern.
Carnegie Hotel (Demolished)
The old Carnegie Hotel stood at 229 W 58th St. Parkview acquired the hotel in 2004 with plans to develop Parkview Tower on the site, but ultimately sold to Vornado for $20 million in 2006. The site was a key piece of the assemblage for their ground-up tower 220 Central Park South.