In the wake of developer Harry Macklowe's financial troubles, his plans for the former Drake Hotel site at Park Avenue and 56th Street have all but been forgotten. But, one GM Building sale and torch-passing to his son later, those plans are back! Previously, the planned 440 Park Avenue skyscraper (the Drake was sadly demolished last summer) was having loan issues. Now, the Observer reports, Macklowe Properties is making aggressive moves on the project. The company just bought out the sole tenant at 40 East 57th Street, adding another of that block's row of townhouses to its portfolio. According to the seller, Macklowe "wants to build either a 30-floor building or 50 floors." Earlier reports had indicated what could be a 70-story tower thanks to all those acquired development rights, and a source told the Observer that he heard Macklowe's Drake replacer would have a retail base, a hotel in the middle and condos on top. The "short, fat box" design seen up top was an old placeholder yanked from the Macklowe website, so we can't really base anything on it, but how tall is this sucker going to be? Or will Macklowe Properties just sell off the whole thing?
· Macklowe Moves on Drake Site, Buys Out Sole Tenant in 40 East 57th [NYO]
· Big Mack's Burden Affecting Hot New Developments [Curbed]
· Macklowe's Drake Replacement Revealed, To Much Chagrin [Curbed]