January 17, 2006
The Drake to get razed; The Mark going condo - Post
 Swissôtel The Drake, a Park Avenue hotel dating to 1927, will be razed to make way for 70 stories of condos or another mixed-use building, and The Mark, recently sold by Mandarin Oriental, will also go residential, the Post reports.
The Mark, built in 1926 at Madison Avenue and East 77th Street, has 176 hotel rooms. The Drake has 495 rooms.
The hotels' conversions to residential comes as the city has lost other hotels or parts of hotels to the condo goldrush, including The Plaza, The Mayflower, The Stanhope and the St. Regis.
Earlier: The Mark sold by Mandarin Oriental for $150 million
A year after groundbreaking, Harlem's Marriott idles
2005 average room rate was $207 - NY Hotel Assoc.
1,500 new hotel rooms coming to NYC in 2006 - study
January 17, 2006 03:15 PM in Hotelology, Midtown, Upper East Side
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