Report: Macklowe's Drake Site On The Block

A partnership of Kirk Kerkorian's MGM Mirage and investment company Dubai World has held discussions about buying the Drake Hotel site from developer Harry Macklowe...

While it's unclear if the MGM group will beat competing offers, sources familiar with the situation said the partnership would take over the existing $580 million in defaulted debt and interest, making the payments for the 12 months to 18 months until a construction loan is obtained.

Macklowe was asking for an additional $200 million for the site, located at East 56th Street and Park Avenue.