Quote:
Originally Posted by CIA
I may have said it before but I'm not a fan of this building at all. We lost 495 hotel rooms in the pre-war Drake Hotel in exchange for 99 luxury condo units, the majority of which will sit empty most of the time because they're 2nd and 3rd homes for millionaires and billionaires.
|
I can see someone wanting to preserve the Drake, but not for this reason. Why would we block development based on keeping hotel rooms over condo units? It seems so random and unrelated to anything public policy oriented.
If you're making an economic utility argument, 432 Park will produce far more tax revenue than the Drake. And the Drake hotel rooms can be replicated anywhere else in the city; 432 Park can only be built in a few specific locations.
Quote:
Originally Posted by Eveningsong
It should have replaced something like 650 Madison Ave.
|
650 Madison was recently sold, for a crazy amount, and will likely be redeveloped.
Would anyone be surprised if it were replaced by a residential superluxury supertall?