NEW YORK--That may seem like a small and circumscribed lot on the other side of the street, but at 432 Park Avenue, intersecting East 56th Street, will soon rise a 1,398 foot-high tower that will become the tallest residential building in the Western Hemisphere. On the site used to be the storied Drake Hotel,known for guests over the years like Judy Garland, Frank Sinatra, Jimi Hendrix, Led Zeppelin, and The Who. Congrats to developer CIM Group.
Of course, even small lots are valuable in Midtown Manhattan. Nearby, at 56th and Madison, is the 37-story, 30-year-oldSony Tower, recently sold to developer Joe Chetrit for $1.1B; he plans to spend plenty more money to convert it to residential, hotel, and retail. New York prices!