CIM to begin work at Drake Hotel site

New York /
Apr.April 15, 2011 09:51 AM
The former Drake Hotel and Harry Macklowe

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, since excavation work is similar for buildings of a much larger scale, and the site’s zoning allows for a much taller structure. Earlier this year, CIM added to the Drake site with the purchase of an East 57th Street townhouse for $42.5 million. [WSJ]


Related Articles

arrow_forward_ios
From left: Furnished Quarters' Steven (left) and Gary Brown with 315 West 33rd Street (left) and 158 West 27th Street (Furnished Quarters, CityRealty, CityFeet)
Landlords sue hospitality stalwart Furnished Quarters
Landlords sue hospitality stalwart Furnished Quarters
Tribeca Associates managing partner Mark Gordon. (Moxy, LinkedIn via Gordon)
Mark Gordon’s Tribeca Associates walks away from FiDi Moxy Hotel
Mark Gordon’s Tribeca Associates walks away from FiDi Moxy Hotel
(iStock)
Job recovery sputters, but hospitality & leisure add hiring
Job recovery sputters, but hospitality & leisure add hiring
Ron Burkle and Andrew Zobler with The NoMad New York. (Google Maps, Getty)
NoMad Hotel heads back to the auction block
NoMad Hotel heads back to the auction block
Jeff Sutton and 25 West 34th St. (Wharton Properties, Google Maps)
Jeff Sutton will replace Midtown retail space with hotel
Jeff Sutton will replace Midtown retail space with hotel
The Plaza Hotel, St. Regis Hotel, and Waldorf Astoria (iStock)
Outlook for hotels improves — from awful to merely bad
Outlook for hotels improves — from awful to merely bad
Sonder co-founder Francis Davidson (Sonder, iStock)
Sonder will merge with SPAC to go public
Sonder will merge with SPAC to go public
It may not be so easy to book a vacation this year: Rental listings are flying off the market, and prices are soaring. (iStock)
Bonkers season on tap for summer vacation rentals
Bonkers season on tap for summer vacation rentals
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...