The Drake Hotel site at Park Avenue and 56th Street has been in redevelopment limbo for years now, thanks to a dangerous cocktail of real estate bust, lawsuits, and financial troubles. Even those who admit the site's long-term potential haven't been expecting anything to happen there in the near future. Surprise!
The Journal and Observer announce that work at the Drake pit is on the horizon. A recent application to the Department of Buildings calls for a five-story office building, but sources tell the Observer the plan is actually for a 70-story residential tower with retail space (even bigger than the initial plan). The DOB application leaves some wiggle room, because the initial work for both types of buildings would be similar. And hey, stealth seems to be how this site rolls.
· Work to Begin at Drake Hotel Site [WSJ]
· Stirrings at North America's Most Valuable Development Site [NYO]
· Drake Hotel coverage [Curbed]