Jho Low-linked New York hotel fails to draw any bid near US$1b price

New York

WHAT if they held an auction and nobody bid?

Last week, offers were due in the auction of the 47-storey Park Lane Hotel on Central Park South, which sits on what the seller argues is one of the best locations in the world, a stretch of Midtown Manhattan that has become known as "Billionaires' Row".

It came with development rights that would allow a new owner to build a taller, sleeker skyscraper with ever-more expensive apartments offering unobstructed views of Central Park.

"No bids came in," or at least none that came anywhere near the US$1 billion the seller was looking for, according to three people who had been briefed on the auction but were not authorised…