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Another Slice of Drake Cake

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The 13-story office building at 38 East 57th Street was the biggest hurdle still standing in the way of Macklowe Properties' huge Drake Hotel property assemblage. Macklowe bought the property for $60 million, but a real estate investment firm held a lease on the building. Macklowe just bought out the lease for $5.4 million, and will soon be able to demolish the building and its neighbors to make way for a big hotel/residential development at 440 Park Avenue, developed by Macklowe or whomever the company's creditors sell the site to. [Real Deal; previously]