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	<title>Observer &#187; Drake Hotel Site</title>
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		<title>Observer &#187; Drake Hotel Site</title>
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		<title>Just How Crazy Will New York&#8217;s Tallest New Building Be? The 432 Park Avenue Pics You&#8217;ve Been Waiting For</title>

		<comments>http://observer.com/2012/06/432-park/#comments</comments>
		<pubDate>Tue, 05 Jun 2012 11:53:19 -0400</pubDate>
					<link>http://observer.com/2012/06/432-park/</link>
			<dc:creator>Matt Chaban</dc:creator>
				
		<guid isPermaLink="false">http://observer.com/?p=244140</guid>
		<description><![CDATA[<p><div id="attachment_244156" class="wp-caption alignleft" style="width: 610px"><a href="http://observer.com/2012/06/432-park/screen-shot-2012-06-05-at-8-43-45-am/" rel="attachment wp-att-244156"><img class="size-large wp-image-244156" title="432 Park Avenue Hudson River" src="http://nyoobserver.files.wordpress.com/2012/06/screen-shot-2012-06-05-at-8-43-45-am.png?w=600" alt="" width="600" height="368" /></a><p class="wp-caption-text">Hello Midtown.</p></div></p>
<p><div id="attachment_244159" class="wp-caption alignleft" style="width: 310px"><a href="http://observer.com/2012/06/432-park/1-41/" rel="attachment wp-att-244159"><img class="size-medium wp-image-244159" title="432 Park Avenue Central Park" src="http://nyoobserver.files.wordpress.com/2012/06/11.jpg?w=300" alt="" width="300" height="227" /></a><p class="wp-caption-text">Those are some views.</p></div></p>
<p>Last week, <em>The Journal </em><a href="http://blogs.wsj.com/developments/2012/05/29/details-revealed-for-super-tall-tower-in-new-york/">got its hands on a 67-page marketing packet</a> for<a href="http://www.google.com/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=2&amp;ved=0CFYQFjAB&amp;url=http%3A%2F%2Fobserver.com%2F2012%2F04%2Fthe-second-tallest-building-in-hempisphere-432-park-avenue-is-now-rising%2F&amp;ei=0y7OT9eGOIT46QHr34m-DA&amp;usg=AFQjCNHfa6jG6MCrhHXHxQ5l6EH3pOcJTA&amp;sig2=9dbMPDpz5BbMSldZFTvu4g"> Harry Macklowe and CIM's soaring tower at 432 Park Avenue</a>, the former Drake Hotel site where the developers are working on <a href="http://www.google.com/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=1&amp;ved=0CFQQFjAA&amp;url=http%3A%2F%2Fobserver.com%2F2012%2F03%2F440-park-avenue-will-reach-1397-feet-taller-even-than-the-world-trade-center%2F&amp;ei=0y7OT9eGOIT46QHr34m-DA&amp;usg=AFQjCNFxbac5Df8W8NgQaEIh-VsCvczOMQ&amp;sig2=WpqbzUQbNR8kDlcVswzDdA">the tallest tower in the entire city</a>, apartment or otherwise.</p>
<p>In their write-up, <em>Journal </em>journalist Eliot Brown and Craig Karmin mentioned that inside the packet "are a collection of striking images of what would be the tallest residential tower in the U.S. at 1,395 feet as well as a number of other interesting factoids about the tower, called 432 Park."</p>
<p>Those factoids are below, but what obviously whet <em>The Observer</em>'s appetite most was the promise of "striking images" (<a href="http://observer.com/2012/05/check-out-a-bonkers-proposal-for-gary-barnetts-1250-foot-broadway-tower/">we have a thing for those</a>) that were sadly absent from <em>The</em> <em>Journal</em>'s report. But no more. <!--more--><em></em></p>
<p><em>The Observer</em> put out a call for some of the renderings and got lucky with two. Our understanding is there are more, basically all showing the building through the day from diffferent angles. What may be as striking as the height and the views is how singular it looks from all sides--quite the contrary from its rival One57, which with its waterfall-like facade looks different from all sides. It almost reminds us of the Trump obelisk near the U.N.</p>
<p>Now, for those factoids, courtesy <em>The Journal</em>:</p>
<blockquote><p><strong>The tower, </strong>designed by Rafael Viñoly and developed by Harry Macklowe, is expected to cost $1.2 billion; when everything is completed, CIM projects it would net $2.5 billion from sales of residential units and and other space, which is mostly retail.</p>
<p><strong>Its 128 units would</strong> vary in size from 1,390 square feet to more than 8,000 square feet.</p>
<p><strong>The expected average sales</strong> price is $4,500 per square foot, which would be below recent resales at the Time Warner Center and asking prices at One57.</p>
<p><strong>CIM expects to pre-sell</strong> 40 of them, and then sell four per month; closings are expected to begin in October 2014, and the building is planned to hit “substantial completion” in April 2015.</p>
<p><strong>There would be</strong> 25 studios “to house residential support staff.”</p>
<p><strong>The retail would run</strong> along 57th Street with 101 feet of frontage.</p></blockquote>
<p><strong><a href="mailto:mchaban@observer.com">mchaban [at] observer.com</a></strong> |<strong> <a href="http://twitter.com/MC_NYC">@MC_NYC</a></strong></p>
]]></description>
		<content:encoded><![CDATA[<p><div id="attachment_244156" class="wp-caption alignleft" style="width: 610px"><a href="http://observer.com/2012/06/432-park/screen-shot-2012-06-05-at-8-43-45-am/" rel="attachment wp-att-244156"><img class="size-large wp-image-244156" title="432 Park Avenue Hudson River" src="http://nyoobserver.files.wordpress.com/2012/06/screen-shot-2012-06-05-at-8-43-45-am.png?w=600" alt="" width="600" height="368" /></a><p class="wp-caption-text">Hello Midtown.</p></div></p>
<p><div id="attachment_244159" class="wp-caption alignleft" style="width: 310px"><a href="http://observer.com/2012/06/432-park/1-41/" rel="attachment wp-att-244159"><img class="size-medium wp-image-244159" title="432 Park Avenue Central Park" src="http://nyoobserver.files.wordpress.com/2012/06/11.jpg?w=300" alt="" width="300" height="227" /></a><p class="wp-caption-text">Those are some views.</p></div></p>
<p>Last week, <em>The Journal </em><a href="http://blogs.wsj.com/developments/2012/05/29/details-revealed-for-super-tall-tower-in-new-york/">got its hands on a 67-page marketing packet</a> for<a href="http://www.google.com/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=2&amp;ved=0CFYQFjAB&amp;url=http%3A%2F%2Fobserver.com%2F2012%2F04%2Fthe-second-tallest-building-in-hempisphere-432-park-avenue-is-now-rising%2F&amp;ei=0y7OT9eGOIT46QHr34m-DA&amp;usg=AFQjCNHfa6jG6MCrhHXHxQ5l6EH3pOcJTA&amp;sig2=9dbMPDpz5BbMSldZFTvu4g"> Harry Macklowe and CIM's soaring tower at 432 Park Avenue</a>, the former Drake Hotel site where the developers are working on <a href="http://www.google.com/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=1&amp;ved=0CFQQFjAA&amp;url=http%3A%2F%2Fobserver.com%2F2012%2F03%2F440-park-avenue-will-reach-1397-feet-taller-even-than-the-world-trade-center%2F&amp;ei=0y7OT9eGOIT46QHr34m-DA&amp;usg=AFQjCNFxbac5Df8W8NgQaEIh-VsCvczOMQ&amp;sig2=WpqbzUQbNR8kDlcVswzDdA">the tallest tower in the entire city</a>, apartment or otherwise.</p>
<p>In their write-up, <em>Journal </em>journalist Eliot Brown and Craig Karmin mentioned that inside the packet "are a collection of striking images of what would be the tallest residential tower in the U.S. at 1,395 feet as well as a number of other interesting factoids about the tower, called 432 Park."</p>
<p>Those factoids are below, but what obviously whet <em>The Observer</em>'s appetite most was the promise of "striking images" (<a href="http://observer.com/2012/05/check-out-a-bonkers-proposal-for-gary-barnetts-1250-foot-broadway-tower/">we have a thing for those</a>) that were sadly absent from <em>The</em> <em>Journal</em>'s report. But no more. <!--more--><em></em></p>
<p><em>The Observer</em> put out a call for some of the renderings and got lucky with two. Our understanding is there are more, basically all showing the building through the day from diffferent angles. What may be as striking as the height and the views is how singular it looks from all sides--quite the contrary from its rival One57, which with its waterfall-like facade looks different from all sides. It almost reminds us of the Trump obelisk near the U.N.</p>
<p>Now, for those factoids, courtesy <em>The Journal</em>:</p>
<blockquote><p><strong>The tower, </strong>designed by Rafael Viñoly and developed by Harry Macklowe, is expected to cost $1.2 billion; when everything is completed, CIM projects it would net $2.5 billion from sales of residential units and and other space, which is mostly retail.</p>
<p><strong>Its 128 units would</strong> vary in size from 1,390 square feet to more than 8,000 square feet.</p>
<p><strong>The expected average sales</strong> price is $4,500 per square foot, which would be below recent resales at the Time Warner Center and asking prices at One57.</p>
<p><strong>CIM expects to pre-sell</strong> 40 of them, and then sell four per month; closings are expected to begin in October 2014, and the building is planned to hit “substantial completion” in April 2015.</p>
<p><strong>There would be</strong> 25 studios “to house residential support staff.”</p>
<p><strong>The retail would run</strong> along 57th Street with 101 feet of frontage.</p></blockquote>
<p><strong><a href="mailto:mchaban@observer.com">mchaban [at] observer.com</a></strong> |<strong> <a href="http://twitter.com/MC_NYC">@MC_NYC</a></strong></p>
]]></content:encoded>
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			<media:title type="html">432 Park Avenue Hudson River</media:title>
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			<media:title type="html">432 Park Avenue Central Park</media:title>
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		<title>Harry Macklowe, CIM and Viñoly Planning 1,420-Foot Toothpick Tower on Park Avenue?</title>

		<comments>http://observer.com/2011/08/harry-macklowe-cim-and-vinoly-planning-1420-foot-toothpick-tower-on-park-avenue/#comments</comments>
		<pubDate>Wed, 24 Aug 2011 11:32:40 -0400</pubDate>
					<link>http://observer.com/2011/08/harry-macklowe-cim-and-vinoly-planning-1420-foot-toothpick-tower-on-park-avenue/</link>
			<dc:creator>Matt Chaban</dc:creator>
				
		<guid isPermaLink="false">http://www.observer.com/?p=178753</guid>
		<description><![CDATA[<p>For years now, the Drake Hotel site at the corner of 57th Street and Park Avenue has been <a href="http://www.observer.com/2008/real-estate/deutsche-sues-foreclose-macklowes-drake-hotel-site">one of the most closely watched developments in the city</a>. A historic hotel was destroyed to make way for a mystery project that has grown all the more intriguing as <a href="http://www.observer.com/2011/real-estate/stirrings-two-haunted-assets">it actually looks like it might get built</a>. <a href="http://www.observer.com/2011/real-estate/cim-city-mystery-california-developer-has-landed">Mysterious California developer CIM</a> <a href="http://www.observer.com/2011/real-estate/places-everyone-new-development-boom-about-start">teamed up with Harry Macklowe</a>, the site's former owner and fifth-act maestro, and now details are dribbling out that make for some jaw-dropping possibilities.<!--more--></p>
<p>The crack team over at Curbed turned up <a href="http://ny.curbed.com/archives/2011/08/23/could_this_be_the_new_1420foot_57th_street_tower.php">some zany renderings of a 1,420-foot tower for the Drake site</a>. At that height, the new tower would become the second tallest building in the city, surpassing the Empire State Building and even 1 World Trade Center, if you don't count the 400-foot antenna that drives its height to the symbolic reaches of 1,776 feet.</p>
<p>Granted they are not the work of <a href="http://www.observer.com/2011/real-estate/architect-hired-drake-hotel-site">the project's architect, Rafael Viñoly</a>, but instead of intrepid Wired New York listservers."Quick and dirty model based on the mystery renders," notes their author. <em>The Observer</em> dove into some of the 48 pages on the site but could not divine where these numbers and dimensions came from. There was no indication of this in the limited number of DOB documents online, and previously we'd seen <a href="http://www.observer.com/CMZ-documents-manafort-cohen-zackson-drake">a tower at 65 stories</a>, not almost twice that.</p>
<p>Seems mighty ambitious, but these are strange times.</p>
<p><strong><a href="mailto:mchaban@observer.com">mchaban [at] observer.com</a></strong> |<strong> <a href="http://twitter.com/MC_NYC">@MC_NYC</a></strong></p>
]]></description>
		<content:encoded><![CDATA[<p>For years now, the Drake Hotel site at the corner of 57th Street and Park Avenue has been <a href="http://www.observer.com/2008/real-estate/deutsche-sues-foreclose-macklowes-drake-hotel-site">one of the most closely watched developments in the city</a>. A historic hotel was destroyed to make way for a mystery project that has grown all the more intriguing as <a href="http://www.observer.com/2011/real-estate/stirrings-two-haunted-assets">it actually looks like it might get built</a>. <a href="http://www.observer.com/2011/real-estate/cim-city-mystery-california-developer-has-landed">Mysterious California developer CIM</a> <a href="http://www.observer.com/2011/real-estate/places-everyone-new-development-boom-about-start">teamed up with Harry Macklowe</a>, the site's former owner and fifth-act maestro, and now details are dribbling out that make for some jaw-dropping possibilities.<!--more--></p>
<p>The crack team over at Curbed turned up <a href="http://ny.curbed.com/archives/2011/08/23/could_this_be_the_new_1420foot_57th_street_tower.php">some zany renderings of a 1,420-foot tower for the Drake site</a>. At that height, the new tower would become the second tallest building in the city, surpassing the Empire State Building and even 1 World Trade Center, if you don't count the 400-foot antenna that drives its height to the symbolic reaches of 1,776 feet.</p>
<p>Granted they are not the work of <a href="http://www.observer.com/2011/real-estate/architect-hired-drake-hotel-site">the project's architect, Rafael Viñoly</a>, but instead of intrepid Wired New York listservers."Quick and dirty model based on the mystery renders," notes their author. <em>The Observer</em> dove into some of the 48 pages on the site but could not divine where these numbers and dimensions came from. There was no indication of this in the limited number of DOB documents online, and previously we'd seen <a href="http://www.observer.com/CMZ-documents-manafort-cohen-zackson-drake">a tower at 65 stories</a>, not almost twice that.</p>
<p>Seems mighty ambitious, but these are strange times.</p>
<p><strong><a href="mailto:mchaban@observer.com">mchaban [at] observer.com</a></strong> |<strong> <a href="http://twitter.com/MC_NYC">@MC_NYC</a></strong></p>
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		<title>CMZ Mystery Trio&#039;s Contract for the Drake Site</title>

		<comments>http://observer.com/2011/06/cmz-mystery-trios-contract-for-the-drake-site/#comments</comments>
		<pubDate>Wed, 08 Jun 2011 01:37:47 -0400</pubDate>
					<link>http://observer.com/2011/06/cmz-mystery-trios-contract-for-the-drake-site/</link>
			<dc:creator>Laura Kusisto</dc:creator>
				
		<guid isPermaLink="false">http://www.observer.com/?p=159675</guid>
		<description><![CDATA[<p><a href="http://nyoobserver.files.wordpress.com/2011/06/zackson-cohen-w-plans2.jpg"><img class="alignleft size-medium wp-image-159687" title="Protege and mentor. " src="http://nyoobserver.files.wordpress.com/2011/06/zackson-cohen-w-plans2.jpg?w=300&h=200" alt="" width="300" height="200" /></a></p>
<p><a href="http://www.observer.com/wp-admin/post.php?post=155499&amp;action=edit&amp;message=1"><a href="http://www.observer.com/wp-admin/post.php?post=155499&action=edit&message=1">A mystery trio was quietly in contract for the most valuable development site in North America</a></a> for months. Below, a copy of the contract they signed for an $850 million purchase of the Drake Hotel site from Harry Macklowe.</p>
<p><a title="View Executed LOI Drake on Scribd" href="http://www.scribd.com/doc/57334584/Executed-LOI-Drake?secret_password=2o57lxtm7r48r4sz9rdf" style="margin: 12px auto 6px auto; font-family: Helvetica,Arial,Sans-serif; font-style: normal; font-variant: normal; font-weight: normal; font-size: 14px; line-height: normal; font-size-adjust: none; font-stretch: normal; -x-system-font: none; display: block; text-decoration: underline;">Executed LOI Drake</a> <object id="doc_87875" name="doc_87875" height="600" width="100%" type="application/x-shockwave-flash" data="http://d1.scribdassets.com/ScribdViewer.swf" style="outline:none;" ><param name="movie" value="http://d1.scribdassets.com/ScribdViewer.swf"><param name="wmode" value="opaque"><param name="bgcolor" value="#ffffff"><param name="allowFullScreen" value="true"><param name="allowScriptAccess" value="always"><param name="FlashVars" value="document_id=57334584&access_key=key-1bhs72s1hgnybhrv4kyc&page=1&viewMode=list"><embed id="doc_87875" name="doc_87875" src="http://d1.scribdassets.com/ScribdViewer.swf?document_id=57334584&access_key=key-1bhs72s1hgnybhrv4kyc&page=1&viewMode=list" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" height="600" width="100%" wmode="opaque" bgcolor="#ffffff"></embed></object></p>
]]></description>
		<content:encoded><![CDATA[<p><a href="http://nyoobserver.files.wordpress.com/2011/06/zackson-cohen-w-plans2.jpg"><img class="alignleft size-medium wp-image-159687" title="Protege and mentor. " src="http://nyoobserver.files.wordpress.com/2011/06/zackson-cohen-w-plans2.jpg?w=300&h=200" alt="" width="300" height="200" /></a></p>
<p><a href="http://www.observer.com/wp-admin/post.php?post=155499&amp;action=edit&amp;message=1"><a href="http://www.observer.com/wp-admin/post.php?post=155499&action=edit&message=1">A mystery trio was quietly in contract for the most valuable development site in North America</a></a> for months. Below, a copy of the contract they signed for an $850 million purchase of the Drake Hotel site from Harry Macklowe.</p>
<p><a title="View Executed LOI Drake on Scribd" href="http://www.scribd.com/doc/57334584/Executed-LOI-Drake?secret_password=2o57lxtm7r48r4sz9rdf" style="margin: 12px auto 6px auto; font-family: Helvetica,Arial,Sans-serif; font-style: normal; font-variant: normal; font-weight: normal; font-size: 14px; line-height: normal; font-size-adjust: none; font-stretch: normal; -x-system-font: none; display: block; text-decoration: underline;">Executed LOI Drake</a> <object id="doc_87875" name="doc_87875" height="600" width="100%" type="application/x-shockwave-flash" data="http://d1.scribdassets.com/ScribdViewer.swf" style="outline:none;" ><param name="movie" value="http://d1.scribdassets.com/ScribdViewer.swf"><param name="wmode" value="opaque"><param name="bgcolor" value="#ffffff"><param name="allowFullScreen" value="true"><param name="allowScriptAccess" value="always"><param name="FlashVars" value="document_id=57334584&access_key=key-1bhs72s1hgnybhrv4kyc&page=1&viewMode=list"><embed id="doc_87875" name="doc_87875" src="http://d1.scribdassets.com/ScribdViewer.swf?document_id=57334584&access_key=key-1bhs72s1hgnybhrv4kyc&page=1&viewMode=list" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" height="600" width="100%" wmode="opaque" bgcolor="#ffffff"></embed></object></p>
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