The Real Deal New York

Drake Hotel sale could achieve record price

September 11, 2008 05:03PM

The sale of Harry Macklowe’s Drake Hotel site on Park Avenue could bring in a record price between $900 and $1,000 per buildable foot for the project between 56th and 57th streets, according to Dan Fasulo at Real Capital Analytics. But attorney and author Joshua Stein cautioned that any sale could stretch for years, delaying development at the site. The Real Deal reported last week that Macklowe’s lender Deutsche Bank AG brought a suit against the developer for defaulting on $482 million lent for the purchase of the site to build a hotel, retail and condominium.

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