The Real Deal New York

Drake Hotel tops most valuable NYC development sites list

June 21, 2011 11:40AM

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. 

Back in February, construction was slow as financing remained sluggish and office leasing had only slightly begun to pick up. Since then, development has picked up rapidly, the Observer said. CIM and Harry Macklowe have announced plans for the Drake Hotel site, Gary Barnett’s International Gem Tower is rising, Boston Properties’ West 55th Street development has signed its first major leases and Hudson Yards is on the verge of doing the same. 

Macklowe said of the Drake Hotel site, which will feature an Apple-esque glass cube: “[It] will be a capstone. It will be a monumental building.” [NYO]


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