The Drake Hotel at 440 Park Avenue was a Manhattan landmark for more than eight decades before it was sold to developer Harry Macklowe for roughly $440 million in 2006 and demolished the following year. Its site now holds the 96‑story residential tower 432 Park Avenue, the tallest purely residential building in the Western Hemisphere when it was completed. This article traces the hotel’s full arc—from Roaring Twenties debut to its contentious end—drawing on historical records, news reports, and first‑person accounts.
Last checked: 2026-07-12
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Built: 1926 · Demolished: 2007 · Location: 440 Park Avenue, New York City · Rooms: 495 · Architect/Developer: Bing & Bing · Current site: 432 Park Avenue
How we researched this
Last checked: 2026-07-12.
Sources reviewed: encyclopedia (Wikipedia), historical archive (famoushotels.org), user‑generated content (Reddit), image repository (Wikimedia Commons), property operator site (thedrakehotel.com for Chicago), engineering firm profile (Enclos).
No on‑site visit was possible because the building was demolished in 2007; no staff interviews were conducted; primary source verification was limited to publicly available records.
Updated: 2025-03-22
| Attribute | Value |
|---|---|
| Years of operation | 81 years (1926–2007) |
| Replacement building height | 1,398 feet (432 Park Avenue, tallest residential tower in Western Hemisphere at completion) |
| Room count | 495 |
| Builder | Bing & Bing |
At a glance: The Drake Hotel’s key facts
- 440 Park Avenue at East 56th Street, Midtown Manhattan (Wikipedia)
- Opened 1926 by developer Bing & Bing (Wikipedia)
- Approximately $440 million to Harry Macklowe (Wikipedia)
- 2007, replaced by the 96‑story residential tower 432 Park Avenue (Wikipedia)
| Fact | Detail |
|---|---|
| Built | 1926 (some sources list 1921 or 1927) |
| Demolished | 2007 |
| Location | 440 Park Avenue, New York City |
| Rooms | 495 |
| Architect/Developer | Bing & Bing |
| Current site | 432 Park Avenue |
What happened to the Drake Hotel in NYC?
The Drake Hotel was sold to New York developer Harry Macklowe in 2006 for approximately $440 million (Wikipedia). Macklowe, known for high‑stakes real estate gambles, quickly moved to demolish the 21‑story structure. Demolition permits were issued by the New York City Department of Buildings in October 2007 (Hotel-Online). The cost of tearing down the building was estimated at about $6 million, or roughly $15 per square foot.
The site sat vacant for several years as plans evolved. Macklowe initially proposed an L‑shaped mixed‑use development that would have included luxury condominiums, a new hotel, and Manhattan’s first Nordstrom store. That scheme fell through, and in 2011 Macklowe sold the parcel to an affiliate of CIM Group for about $305.4 million (NY YIMBY forum, citing Bloomberg). CIM Group, together with Macklowe, proceeded with the 96‑story residential tower now known as 432 Park Avenue.
The bottom line: The hotel’s prime Park Avenue corner became a trophy development lot, ultimately yielding the tallest residential tower in the Western Hemisphere at completion.
What movie was filmed at the Drake Hotel?
The Drake Hotel served as a filming location for the 1971 classic crime thriller The French Connection. In one of the film’s most famous sequences, detective Jimmy “Popeye” Doyle (played by Gene Hackman) pursues a suspect through the streets of New York and into the Drake Hotel’s lobby (Nine.com.au). The scene captured the hotel’s then‑vintage aesthetic and helped cement its place in film history.
Beyond The French Connection, the hotel appeared in other productions and was a favorite haunt for celebrities and musicians. Led Zeppelin, for example, stayed at the Drake during their 1970s tours (432 Park Avenue press archive).
What this means: The Drake’s cinematic cameo adds a layer of pop‑culture significance that survives the building’s physical disappearance.
What is the Drake Hotel famous for?
The Drake Hotel earned its reputation as an up‑to‑the‑minute luxury property from the moment it opened in 1926. Built by the prolific real estate firm Bing & Bing, it stood 21 stories tall and contained 495 rooms (A New Yorker State of Mind). Its location on the corner of Park Avenue and 56th Street placed it in the heart of Midtown’s most prestigious corridor.
In the early 1960s, entrepreneur William Zeckendorf acquired the hotel and added guest rooms. He also opened Shepheard’s, a nightclub that is often described as New York’s first discotheque (Hotel-Online). Shepheard’s quickly became a hangout for the city’s elite and visiting celebrities, including rock bands like Led Zeppelin.
The hotel’s Art Deco styling and Park Avenue address made it a symbol of Jazz Age glamour. It operated continuously for 81 years, a run that few Manhattan hotels have matched. Yet its fame also rests on the dramatic way it ended: the 2006 sale and swift demolition, followed by the rise of 432 Park Avenue, a 1,396‑foot tower that redefined the skyline (Enclos).
Why this matters: The Drake was both a classic New York hotel and a real‑estate bellwether—its destruction signaled the city’s shift from hospitality to ultra‑luxury residential towers on prime land.
What was the history of the Drake Hotel in New York?
The Drake Hotel opened in 1926, though some sources list 1921 or 1927 (Wikimedia Commons description notes 1921; Nine.com.au says 1927). The building was developed by the real estate firm Bing & Bing, which constructed several notable New York hotels including the nearby Park Lane Hotel. It was designed in the Art Deco style, with 495 rooms spread across 21 floors.
Through the mid‑20th century, the Drake was a favorite of well‑to‑do travelers, business executives, and celebrities. In the early 1960s, William Zeckendorf took over the hotel and expanded it, adding the Shepheard’s discotheque. The nightlife venue played a role in making the Drake a social hub.
By the 1990s, the hotel had aged but retained loyal guests. The real‑estate boom of the early 2000s made its Park Avenue site more valuable as a development lot than as an operating hotel. In 2006, Harry Macklowe paid roughly $440 million for the property—a record price per room at the time (A New Yorker State of Mind).
Macklowe demolished the Drake in 2007, and after a complex series of financing and ownership changes, construction began on 432 Park Avenue. The tower topped out in October 2014 and was completed in December 2015 (Enclos).
The pattern: The Drake’s history mirrors the transformation of Midtown Manhattan from a hotel‑centric district into a super‑prime residential market.
Location and history of the site
The Drake Hotel stood at 440 Park Avenue, at the northeast corner of East 56th Street. This intersection was—and remains—one of the most coveted addresses in Midtown Manhattan, within walking distance of Central Park, Fifth Avenue shopping, and the cultural institutions of 57th Street. The site is now occupied by 432 Park Avenue, a slender 96‑story residential tower that rises 1,396 feet (Enclos). The area continues to be a magnet for luxury residential development, with buildings like 53W53 and 111 West 57th Street nearby.
Related historic hotels worth knowing
Readers interested in the Drake’s story may also want to explore two other prominent properties with overlapping names or owners. The Drake Hotel in Chicago remains open at 140 East Walton Place; it was built in 1920 and has a comparable history of luxury hospitality. Another related property is the Robert De Niro–owned hotel in New York City—the Greenwich Hotel in Tribeca—which, though not a direct replacement, represents a modern interpretation of boutique luxury on a human scale. Both offer a different experience from the demolished Drake, but each carries its own slice of New York hotel history.
Timeline of the Drake Hotel
- 1926: Drake Hotel opens at 440 Park Avenue, built by Bing & Bing with 495 rooms.
- Early 1960s: William Zeckendorf acquires the hotel; Shepheard’s discotheque opens.
- 2006: Harry Macklowe purchases the property for approximately $440 million.
- October 2007: Demolition permits issued; building razed.
- 2011: Development site sold to CIM Group affiliate for ~$305.4 million.
- December 2015: 432 Park Avenue topped out at 96 stories.
- December 23, 2015: 432 Park Avenue officially completed.
Related reading: Summer Hotel Vancouver: History, Demolition & Alternatives · The New Yorker Hotel: Tesla, Hauntings & Honest Review
Frequently asked questions
When was the Drake Hotel demolished?
The hotel was demolished in 2007 after the New York City Department of Buildings issued permits in October of that year (Wikipedia).
What replaced the Drake Hotel?
The site is now home to 432 Park Avenue, a 96‑story luxury residential tower that was the tallest residential building in the Western Hemisphere at its completion in 2015 (Wikipedia).
What is the address of the Drake Hotel?
It was located at 440 Park Avenue, at the corner of East 56th Street in Midtown Manhattan (Wikipedia).
Is the Drake Hotel in New York still standing?
No, the building was demolished in 2007. No part of the original hotel remains above ground (Wikipedia).
What is the Drake Hotel Chicago?
The Drake Hotel in Chicago is a separate, still‑operating hotel at 140 East Walton Place, built in 1920. It shares the Drake name but is unrelated to the New York property (The Drake Hotel Chicago).
Sources
- Wikipedia – Drake Hotel (New York City)
- Wikipedia – 432 Park Avenue
- A New Yorker State of Mind – Drake Hotel
- Hotel-Online – Hotel History: The Drake Hotel in New York
- Nine.com.au – The Drake Hotel: Gone from New York City
- NY YIMBY forum (citing Bloomberg) – 432 Park Avenue development
- 432 Park Avenue – Press archive
- Enclos – 432 Park Avenue engineering profile
- Wikimedia Commons – Drake Hotel exterior image
- Aroundus – Drake Hotel
- The Drake Hotel Chicago (official site)