January 30, 2006

Drake to sell for $440, still faces demolition - Post

The Drake is in contract for about $440 million, according to the Post, and when the sale is finalized, the 80-year-old Park Avenue hotel will come down to make way for a 70-story condo.

The Post story, which relies on anonymous sources, backs up an earlier Post report that the 495-room hotel was destined for demolition, further tightening the lodging crunch in Manhattan.

The Drake is located at 440 Park Avenue at 56th Street, map.

(Link found via Curbed.)

Earlier: The Drake to get razed; The Mark going condo - Post

January 30, 2006 01:40 PM in Architecture, Hotelology, Midtown

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