Love the Drake!
Those email scammers sure are clever. Instead of continuing to make up foreign kings and dictators who have miraculously and mysteriously chosen you—yes, you!—for the riches they must now dispose of, they are using real, honest to god Americans, if slightly embellished, to attract patsies, err, investors.
Today, The Observer received one such email, with an offer to join “Mr. HARRY MACKLOWE, Biggest Land Owner of United State & Founder Chairman & Owner of Macklowe Properties” in an investment to establish a real estate investment in Bangladesh. Biggest Land Owner of United States? How could you say no! Still, something tells us Mr. Macklowe is plenty busy here at home, but in case you have a spare $2 million, we’ve included the details below.
Tales of Retail
In July, renderings of the most watched development site in the city leaked out. They were unofficial, the work of some avid architecture geeks, but it turns out the designs of the condo-tower planned for the Drake Hotel site were not that far off. The Journal gets the first official look at CIM, Harry Macklowe and Rafael Viñoly’s new project, and while it will not rise to 1,420 feet, as first expected, the 1,300-foot tower would surpass every apartment building in the city by a few hundred feet.
Love the Drake!
It is a POPS done right.
The Apple Cube on Fifth Avenue managed to transform a windswept plaza at one of the busiest intersections in Manhattan into a destination known the world over—one that became a shrine to its creator when Steve Jobs passed away earlier this week. The Journal‘s Eliot Brown (an Observer alum!) talked with reclusive developer Harry Macklowe about how the cube came to be. Like all things Apple, it wasn’t his idea but Jobs’.
For years now, the Drake Hotel site at the corner of 57th Street and Park Avenue has been one of the most closely watched developments in the city. A historic hotel was destroyed to make way for a mystery project that has grown all the more intriguing as it actually looks like it might get built. Mysterious California developer CIM teamed up with Harry Macklowe, the site’s former owner and fifth-act maestro, and now details are dribbling out that make for some jaw-dropping possibilities.
Love the Drake!
The swans in Town Pond paddled on serenely, unfazed by the crowds filing up James Lane toward Guild Hall. The birds, evidently, are accustomed to such revelry. The event, last Saturday, was a celebration of Richard Prince’s exhibition “Covering Pollock,” currently on display at the Hall’s gallery. The work, Mr. Prince’s latest, consists of black-and-white photographs of Jackson Pollock obscured by images of models, ’80s punk stars and various forms of old-school erotica. Inside, groups of curious viewers—some of them peering over their spectacles at the prints—made polite banter about the graphic images.
A mystery trio was quietly in contract for the most valuable development site in North America for months. Below, a copy of the contract they signed for an $850 million purchase of the Drake Hotel site from Harry Macklowe.
Mack is Back
In the early summer of 2008, Arthur G. Cohen rode the elevator to Harry Macklowe’s 21st-floor office in the G.M. Building wearing a black suit and bright pink dress shirt. Mr. Macklowe, sporting navy blue pinstripes and a multibillion-dollar real estate empire under siege, signed away his beloved Drake Hotel site to an enterprise called CMZ for $850 million.
CMZ is one of the more bizarre development teams ever assembled in the city, yet its existence has remained hidden until now from all but a handful of insiders. One-time top developer Mr. Cohen joined Washington lobbying czar Paul Manafort and Brad Zackson, a scrappy former righthand man to Fred Trump Sr., in a baffling boom-time enterprise. They looked at billions of dollars’ worth of properties such as the Drake, the Manhattan House, the Helmsley Hotel and two Bahamian islands—but with some of the world’s best real estate almost in their grasp, they never bought a single trophy property.
Love the Drake!
With the deadline approaching for Harry Macklowe to seal the deal at 737 Park Avenue, he is so close, yet so far from securing the equity he needs.
Mr. Macklowe has hired the Carlton Group’s Howard Michaels to help him search for another partner for the deal (Mr. Michaels told The Observer a couple of Read More
In the Paper
It has been arguably the most watched development site in the city for the past few years, and all the moreso now as Harry Macklowe and his new partners at CIM prepare to build something on the former site of the Drake Hotel. Even though both developers eschew press, details have dribbled out Read More
Few know the true genesis of CIM, but the legend goes like this: In 1986 two Israeli soldiers, who worked on a kibbutz together, came to California on vacation and decided to stay. They started a small landscaping business and bought a couple of cheap apartment buildings, when one day they struck up a conversation Read More