Work has resumed at 432 Park Avenue, the site of Harry Macklowe and CIM Group’s planned condominium tower, despite a partial stop work order that remains in effect following Friday’s construction accident, the Department of Buildings confirmed today. [more]
Posts Tagged ‘drake hotel’
The New York City Department of Buildings has issued a permit for the construction of a new, 84-story residential building, slated to be the city’s tallest, at the 432 Park Avenue site where CIM Group and Macklowe Properties plan to build condominiums, the DOB confirmed today. The permit, for a 1,400-foot-tall residential tower at the site of the former Drake Hotel, was issued earlier this month. [more]
[Updated at 4.45 p.m. with information from an opposition filing] Jacob & Co., a high-end, premier retailer of timepieces for men and women, has withdrawn a motion for an injunction against developer CIM and its consultant on the nearby Drake Hotel site, Harry Macklowe, for disruptive construction taking place at a townhouse property adjacent to the jeweler’s headquarters at 48 East 57th Street.
The withdrawal, filed Wednesday in New York Civil Court for unknown reasons, marks the end of the developers’ latest dispute with the jeweler, whose refusal to sell the East 57th Street property previously caused CIM some headaches. [more]
Luxury brand operator LVMH is sizing up CIM’s Drake site at 440 Park Avenue between 56th and 57th streets as a potential site for its upcoming Cheval Blanc Hotel and other retail opportunities, the New York Post reported.
LVMH founded the Cheval Blanc brand in 2006, opening a hotel in the Alps, and has since developed a hotel management concept.
“They are looking at developing a high-stakes hotel, apartments and retail for their brands,” a person with knowledge of LVMH’s interest told the Post. “This is the best single piece of land in the city.” … [more]
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]
The site of the former Drake Hotel, recently named the most valuable development lot in the city, will be home to a 1,300-foot tall residential tower, the largest in the city.
According to the Wall Street Journal, CIM Group, which acquired the site for $305 million last year, and Harry Macklowe plan to erect a slim condominium and retail complex designed by Uruguayan-born architect Rafael Vinoly with 128 units and 12-foot high ceilings. The $1 billion project, at 432 Park Avenue near 56th Street, includes a 5,000-square-foot driveway, golf training facilities and private dining and screening rooms. Macklowe has no equity in the project but has remained involved in the decision making. … [more]
Developer Harry Macklowe has finally closed on his purchase of 737 Park Avenue for $360 million, the Post reported, one of the city’s pre-eminent rental apartment buildings. Los Angeles-based CIM Group, the developer of the Drake Hotel site, is thought to be Macklowe’s investment partner in the deal.
Macklowe is expected to convert the 21-story, 103-unit building into condominiums. The majority of the building’s units are currently market-rate rentals though some are rent-stabilized.
The building, on the corner of 71st Street, was previously owned by the Katz family who, for a long time, couldn’t come to a decision on whether or not to sell. … [more]
Harry Macklowe’s Drake Hotel site at 440 Park Avenue may be the most valuable development site in New York City, according to a recent list compiled by the New York Observer. It is closely followed by David Levinson’s 425 Park Avenue and the World Trade Center site, in positions two and three respectively.
The Observer’s list, made in honor of a slew of recent development following a slow start to the year, was compiled using data from Cassidy Turley, Co-Star and its own reporting.
Bringing up the rear of the list in positions nine and 10 are Boston Properties and Related project 740 Eighth Avenue and a 100,000-square-foor glass tower at 450 West 14th Street, atop the High Line. … [more]
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]
CIM Group has filed an application with the Department of Buildings to begin below-ground work at the site of the former Drake Hotel on Park Avenue and 56th Street, signaling the beginnings of the building process at the long-stalled project. It’s still unclear what will rise from the site originally assembled by developer Harry Macklowe, who bought the Drake for $418 million in 2006 and demolished it. He defaulted on the debt the following year, and in 2010, Los Angeles-based CIM bought his $510 million construction loan and took over the project, agreeing to keep Macklowe involved. CIM’s application currently calls for a five-story development, but according to the Wall Street Journal, those plans could easily change. … [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]
Harry Macklowe and 46 East 57th Street, which CIM Group acquired last monthThe owners of two townhouses in the middle of the massive building site near the former Drake Hotel are refusing to sell despite years of prodding by hopeful developers, according to the Post. The townhouses, at 42 and 48 East 57th Street, are being eyed by CIM Group, which has assembled a large, mixed-use parcel between Park and Madison avenues, mostly through its acquisition of the former Drake hotel site from Harry Macklowe’s creditors after he defaulted in 2008. In addition to the hotel site on East 56th Street, the CIM-Macklowe assemblage includes buildings at 38, 40, 44, 46 and 50 East 57th Street, all of which the California-based private equity firm wants to raze. … [more]
All Post columnist Steve Cuozzo wants for Christmas is more progress at the World Trade Center site. Among the items on his year-end holiday wish list for the rest of Manhattan: “another Google-size office building purchase,” “a resolution to the mess at the former Drake Hotel site,” and “an iPhone app with real-time updates on Joe Moinian’s and Kent Swig’s mortgage status at various buildings just so we can stop annoying their publicists every week.” … [more]
Troubled lender iStar Financial is nearing a deal to sell around $275 million in debt on the Trump Soho condominium-hotel to Los Angeles investment firm CIM Group, likely at a discount, according to the Wall Street Journal. The two sides are apparently already about a month into negotiations and are expected to reach an agreement within days. Developers Bayrock Group and the Sapir Organization have been notoriously struggling with sales in the condo portion of the building, having closed just 20 of its 391 units by this summer. … [more]
Nordstrom, the Seattle-based department store, is on the hunt for retail space in a bid to open its first full-priced New York City location. The company successfully debuted Nordstrom Rack, its discount spinoff, three months ago in Union Square, but doesn’t “want to be known to New Yorkers as a discounter,” one broker told Crain’s. A possible location for the retailer is Boston Properties’ brand new office tower at 250 West 55th Street, sources said, which could be welcome news for the stalled project. Nordstrom, whose spokesperson said the company is “still looking for the right opportunity,” came close to opening a store on the opposite side of town three years ago, when it was in talks to lease space at the former Drake Hotel on Park Avenue and East 56th Street. That deal never came to fruition. [Crain's]
Developer Harry Macklowe has brought on CIM Group, a Los Angeles-based
private equity firm, to pay off the creditors at the former Drake
Hotel site, a move that would allow him to effectively take control of
the space. Approximately 10 different investors had bought out the
$510 million loan that Macklowe had taken out to build on the former
hotel’s site on Park Avenue between 56th and 57th streets. Deutsche
Bank began foreclosure proceedings on the space a year ago, after the
credit crisis pinched Macklowe’s holdings. Macklowe had
originally purchased the Drake Hotel in 2006 for $418 million, before
destroying it and beginning plans to rebuild.