NEW YORK CITY-Construction work is expected to begin at the former Drake Hotel parcel on Park Avenue and 56th Street. CIM Group, who owns the site, has submitted an application regarding the development to the Department of Buildings. As per the application, the owner plans to build a five-floor office tower. However, as per the existing zoning rules, the owner could build a larger tower.
CIM purchased the parcel from Harry Macklowe, a New York-based developer, by acquiring his loan in 2010. For the full story, go to Wall Street Journal.
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