Macklowe, CIM Group to erect 70-story tower at Drake site

New York /
May.May 02, 2011 04:22 PM

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. Prior to the most recent recession, Macklowe owned the Drake Hotel construction site, but CIM Group purchased the $510 million debt on the property after Macklow’s commercial portfolio was left in shambles. Nevertheless, Macklowe is leading the development of The Prime Park Avenue territory, and is rebuilding his portfolio starting with his bid last month to purchase 737 Park Avenue near 72nd Street, according to the Journal. Macklowe and CIM are still hoping to acquire two more properties along East 57th Street to further expand the construction site. [WSJ]


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