NEW YORK CITY-A venture of CIM Group, a real estate investment firm based in Los Angeles, and Harry Macklowe has employed Rafael Vinoly, an architect based in Manhattan, to design a skyscraper on Park Avenue. CIM Group is planning to construct a modern tower at East 56th Street and Park Avenue.
The investment firm paid $510 million last year for the property. The developers face some hurdles because still they don't own two properties on the former Drake Hotel site.For the full story, go to Wall Street Journal.
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