The Real Deal New York

Posts Tagged ‘drake hotel site’

  • Developer Harry Macklowe closed this afternoon on the $70 million acquisition of a 34-unit rental apartment building at 150 East 72nd Street that his Macklowe
    Properties expects to convert to condominiums.

    Macklowe financed the Lenox Hill purchase and anticipated rehabilitation of the
    72,000-square-foot, pre-war building through a total of $120 million in equity
    and debt, according to a statement from Macklowe’s exclusive advisor on the
    transaction, Howard Michaels, chairman of investment banking firm Carlton
    Group. … [more]

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  • 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]

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  • CIM Group buys townhouse at  Drake site

    January 05, 2011 11:53AM


    Harry Macklowe and 46 East 57th Street
    California private equity firm CIM Group, which paid off lenders to take control of Harry Macklowe’s former Drake Hotel site at Park Avenue and 56th Street for $305 million, has acquired an additional property adjacent to the assemblage.

    The CIM Group paid $42.5 million for the 18-foot wide townhouse at 46 East 57th Street, city records filed yesterday show. The California company picked up the five-story, 57th Street property through six separate deeds, with values between $417,057 and $14.2 million, city records show.

    The five-story building would modestly widen the frontage Macklowe put together on 57th Street, if it is added to the site. … [more]

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