The Macklowes are closer to gaining control of the old Drake Hotel site on Park Avenue between 56th and 57th streets, The Post has learned.
Sources yesterday said Macklowe Properties and private-equity firm CIM Group completed a plan to buy out 10 debtholders who held slices of a $510 million loan on the property.
Completion of the deal paves the way for the Macklowes to stage a comeback after having seen their real estate empire crumble during the recession, and allows them to build a tower on the site.
