After financial problems, lawsuits, and even some last lingering hopes for development, preservationist nightmare the Drake Hotel site is no longer Harry Macklowe's. The Park Avenue and 56th Street site has sold to a California-based investment firm for $305 million, according to The Real Deal. Macklowe paid $418 for the property originally, plus $543 million in loans. RIP, little Drake Hotel graphic. [Real Deal; previously]
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