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Thread: 50 East 57th Street @ 432 Park Avenue (former Drake Hotel site)

  1. #271

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    Has Macklowe the Horrible started tearing down the 57th Street townhouses? I hope that he's forced to sell the site before he does and that the new buyer preserves them.

  2. #272

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    I hope someone pours holy water on him so he melts.

  3. #273

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    Good one, man!

  4. #274

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    I walked by on 11/19 and noted that, thankfully, the small buildings on 57th St. remain. Sadly, however, only about the first two floors of The Drake remain standing.

    What a horrible person.

  5. #275

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    Darth Macklowe

  6. #276

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    Shocking! He should get the electric chair.
    Last edited by BrooklynRider; November 25th, 2007 at 06:34 PM. Reason: Unnecessary use of quote function: See forum issues

  7. #277

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    That saddens me to hear the Drake is almost completely gone by now. I'll be in the city this weekend, and I'll have to make a final pilgrimage to the area before it's completely replaced by another blank glass wall.

    (PS. I'll be playing at the Parkside Lounge on East Houston this Saturday night)

  8. #278

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    And still no real plans for what should be built just speculations about another boring box
    Last edited by BrooklynRider; November 25th, 2007 at 06:35 PM. Reason: Unnecessary use of quoting function: See forum issues

  9. #279

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    I speculate the Skanklowe will sell this site to a competent developer like Hines or Zeckendorf who will build a stellar hotel/condo.

    I don't see how he could possibly secure a financial tenant for the proposed office -- at astronomical rates -- in the current market. By contrast, due to the cheap dollar, extremely high-end residential projects are still in great demand.

  10. #280

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    I pray for that!

  11. #281

    Default doubt it

    If they build a Nordstrom in the building's base as planned, they'll find a tenant. Demand for law firms goes up when things go badly, and this type fo building seems ideal for them.

  12. #282
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    Quote Originally Posted by londonlawyer View Post
    I speculate the Skanklowe will sell this site to a competent developer like Hines or Zeckendorf who will build a stellar hotel/condo.
    I wish I's stop hearing this because this contiues to be a perturbing development. The fact that the Drake was demolished can be made worse by the fact that it could have been sold to some developer who wouldn't have torn it down. I cant believe that this bullcrap of demolishing historic structures still goes on in this city.

  13. #283

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    Quote Originally Posted by investordude View Post
    If they build a Nordstrom in the building's base as planned, they'll find a tenant. Demand for law firms goes up when things go badly, and this type fo building seems ideal for them.
    I truly doubt that Nordstroms will be enough. Also, he was looking for $175 s/f. Firstly, no law firm would pay that when they could get equally nice space for $100 s/f. Secondly, corporate transactions are an enormous source of law firm revenue, as and the markets drop, so do law firms' revenues.

  14. #284

    Default will a rate cut save macklowe?

    I confess I really don't understand the issue with his debt and how tied it is to interest rates. If the feds cut half a point again (as expected) does Macklowe survive unscathed most likely?

    Also, how did we he get the loan in the first place if he can't possibly pay it off? It's not like there's a subprime office loan market where people don't need to prove their income to get collateral. I just don't understand the whole situation.

  15. #285

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    Because financial institutions world-wide have sustained massive losses due to the sub-prime debacle, the available credit world-wide to businesses and individuals has dried up dramatically. The loans that Skanklowe secured before the sub-prime crisis would never be extended today. In my view, he will not get further financing unless he secures a tenant for a substantial portion of the proposed building. In this market, I doubt that anyone will agree to prelease several hundred thousand square feet at the astronomical rates that this creep seeks. I therefore hope that this skank is forced to sell this building to a real developer will will construct a world-class residential tower which this site warrants.

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