From left: the injured construction worker, 432 Park Avenue last week (second image courtesy NY YIMBY) and Harry Macklowe
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]
From left: 440 Park Avenue and Harry Macklowe, head of Macklowe Properties
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]
From left: CIM's Charles Garner, developer Harry Macklowe and the Jacob & Co. Jewelry building
[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information from an opposition filing] Jacob & Co., a high-end, premier retailer of timepieces for men and women, has withdrawn a motion for an injunction against developer CIM and its consultant on the nearby Drake Hotel site, Harry Macklowe, for disruptive construction taking place at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]
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