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Drake Stake

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Before we get to this update on the former Drake Hotel site at 440 Park Avenue, a summary of the action so far: the Drake was a gorgeous old hotel at 57th Street that Harry Macklowe tore down to build some replacement shitbox but then he screwed his company up and his son sent him to the retirement home. There. Now Real Deal reports that "iStar Financial is considering offers of about $160 million for its first position note on the Drake Hotel site," which, in a sad sign of the times, "represents a reduction of about a quarter for the $224 million note." [Real Deal, previous]