Harry Macklowe has received much acclaim for his Fifth Avenue Apple Inc. store which stands beneath a glass cube. Now, the real estate developer is collaborating with CIM Group to create something similar. They are planning to affix a glass structure to an upcoming Park Avenue skyscraper. The tower on Park and 56th Street will house apartments, and maybe a hotel and restaurants. But it will also have a whopping 100,000 square feet of retail and commercial space. Luxury retailers are sure to bite this bait.
Incidentally, the tower is coming up at a spot that was formerly occupied by the Drake Hotel. Macklowe has held the property since before the recession, but the crisis put a spoke in this developmental wheel. Once work begins on the site, many will take this as a symbol that the real estate economy is in recovery mode.
Macklowe’s plans involve building a five-storey glass box on the skyscraper. Full plans are yet to be submitted, but demolition work has begun. To all eyes, it seems as though things are finally moving quickly on this project. According to some sources, Macklowe is planning to build a 1,000-foot tower on the site. But given that the developers own only that single building, connecting to 57th might be a challenge. Plus, there is the matter of getting financing for the new construction. And even as Macklowe and company remain in planning mode, Manhattan is seeing the emergence of several new hotels in the coming months.
However, the prime location of this property should play a major role, attracting various luxury retailers including auto dealers, art auction houses and financial firms.
Via: The Wall Street Journal