The Real Deal New York

Drake Hotel site now has six bidders

November 19, 2008 08:25AM

The site of the former Drake Hotel, on Park Avenue between 56th and 57th streets, now has six bidders, down from more than 20 bidders, including Larry Silverstein, the Related Companies and Apollo Real Estate Partners. Macklowe Properties has been assembling the site over the last decade, but now is facing foreclosure on the property. Cushman & Wakefield is selling the property for the lender, iStar Financial. At the height of the market, the land, which can support up to 600,000 square feet, could have been purchased for $1,300 a buildable foot, but now will probably sell for less than half of that price.

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