12/02/08

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Midtown projects remain stuck

Former Drake Hotel

Several big Midtown projects have yet to get going, as big undeveloped sites sit awaiting construction. Macklowe Properties demolished the old Drake Hotel at Park Avenue and 56th Street two years ago, but hasn't started building 440 Park Avenue yet. Extell still hasn't filed plans for its West 57th and 58th Street project, which was supposed to be a 50-story hotel-condo. Starwood Capital cleared a low-rise fur shop between the Economist building and the Buckingham Hotel; plans for a Crillon hotel haven't been realized. The Tribeach development site on Eighth Avenue's west side between 46th and 47th streets could be sold.

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