The Real Deal New York

Drake hotel site may not become office building

October 22, 2008 05:44PM

Harry Macklowe’s development site in the footprint of the former Drake Hotel is reportedly unlikely to become an office tower. Macklowe purchased the hotel and demolished it, along with some surrounding properties, but not all the ones he wanted. A source said that without having all the neighboring buildings in his possession, Macklowe wouldn’t be able to create a large enough floorplate for an office building. Macklowe is said to be considering a hotel or condo project instead.

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