NEW YORK CITY-The owners of the vacant Drake Hotel site have received approval from Buildings Dept. to demolish 44 E. 57th St. in order to start a planned 70-story project on the site. Los Angeles-based CIM Group is the owner and Harry Macklowe is the development adviser for the project.
In the meantime, CIM has talked with several hotel operators, including One&Only Resorts, Mandarin Oriental and Taj, to anchor the lower floors. The project will also contain condo apartments.For the full story, go to New York Post.
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