The Real Deal New York

Posts Tagged ‘440 park avenue’

  • Charles Garner, principal at CIM, and the proposed tower at 440 Park Avenue (center)

    CIM Group and New York developer Harry Macklowe are making strides toward building the tallest residential building in New York City at the Drake Hotel site at 440 Park Avenue. They filed a plan examination request for the building, one of the first steps towards getting a development off the ground, with the Department of Buildings, according to a DOB filing dated March 26. [more]

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    From left: Sam Zell of Equity Residential, Bob Toll of Toll Brothers, Will Silverman, Woody Heller, both of Studley, and 400 Park Avenue South

    In the most expensive development site deal of the year so far, home builder Toll Brothers and real estate investment trust Equity Residential partnered in reportedly paying $134 million for a large development site at 400 Park Avenue South.

    The joint venture plans to build a 40-story condominium and rental apartment tower at the Park Avenue South and 28th Street site, which has 400,000 square feet of development rights, the companies said in a statement.

    Sam Zell’s Equity Residential will own and operate the lower 22 floors with 265 rental apartments and retail, while Toll Brothers will build and sell about 100 condo units on the upper floors, the Wall Street Journal reported. … [more]


  • CIM’s principal of investments Charles Garner and the
    townhouse property at 42 East 57th Street

    Developer CIM Group has paid British retailer Turnbull & Asser $32.4 million for a townhouse at a strategic site near the Drake Hotel, according to public records filed with the city yesterday.

    The five-story, 8,580-square-foot building, located at 42 East 57th Street, contains four commercial condo units. Turnbull & Asser, a high-end clothing store, has owned and occupied the whole building since 2008, when it purchased it from antiques dealer Paul Schaffer for $31.5 million. Turnbull & Asser has dressed figures such as Prince Charles, Winston Churchill, Ronald Reagan, George H.W. Bush and John Kerry.

    The acquisition may prove to be important for CIM and Harry Macklowe, the developers of the Drake Hotel site at 440 Park Avenue, which may be the most valuable development site in New York City. … [more]

  • A Russian developer is accusing the powerful California real estate investment firm CIM Group of breaking a verbal agreement to work together to build on a vacant site at 33rd Street and Madison Avenue, and instead swooping in to buy the $29 million mortgage and foreclose on it, a new lawsuit filed yesterday in New York State Supreme Court says.

    NMP-Group, controlled by Russian developer Natalia Pirogova, says in the suit that CIM Group used privileged information to snap up the note in August from lender Garrison Investment Group despite making promises in March 2011 to work with NMP in a joint venture to build a mixed-use tower at the site, at 172-176 Madison Avenue. … [more]


  • Harry Macklowe and the drake construction site

    Harry Macklowe and CIM Group, the developers of 440 Park Avenue near East 56th Street, where the Drake Hotel once stood, have hired architect Rafael Vinoly to design a 70-story tower at the site, the Wall Street Journal reported. Still in its planning stages and not yet filed to the city’s Department of Buildings, the tower figures to be mostly residential with a small hotel and retail space. Macklowe’s ability to move forward with the project after his portfolio was destroyed by not just the most recent market downturn but also another in the early-1990s, shows the clout big-name developers wield with investors, the Journal said. … [more]

  • The first quarter of 2011 saw a steep decline in investment sales in New York
    City compared to the last three months of 2010, but the dollar volume for the
    whole year is expected to surge over last year, Robert Knakal, chairman of
    commercial brokerage Massey Knakal Realty Services, said.

    He predicted the total volume of investment sales would jump to as much as $22
    billion this year from $14.5 billion in 2010.

    “We believe the dollar volume will increase by 40 to 50 percent over 2010 levels,”
    Knakal said at the firm’s quarterly press briefing at its Midtown headquarters this
    morning. … [more]