[NYguy]

^ More from that article...

California-based private equity firm CIM Group and Macklowe, its development adviser, are itching to get started on a huge but undefined, mixed-use project fronting on retail-heaven East 57th Street.

Much of its bulk would rise on the barren, former Drake Hotel site on East 56th Street, with the new building wrapping around 450 Park Ave.

But, after two years of pressure, Turnbull & Asser, the British shirtmaker owned by the family of Harrods' owner Mohammed al-Fayed, is still refusing to sell its townhouse at 42 E. 57th St. -- one of seven store buildings Macklowe hoped to raze for the new project, or perhaps incorporate into its façade if the right retail tenant came along.

CIM acquired the Drake site from Macklowe's lenders when he defaulted in 2008, but kept Macklowe in the picture as its development "consultant." Prior to losing title, Macklowe had also purchased the retail buildings at 38, 40, 44 and 50 E. 57th St., which became part of CIM's assemblage. Last month, CIM added No. 46, home -- at least for now -- to Buccellati, for $42.5 million, the Real Deal reported.

Our sources said Turnbull, which bought No. 42 in spring 2008 for $32.5 million, still has no intention of leaving the block.

"They like it there. It reminds them of their store on Jermyn Street in London," one told us. "They have wealthy customers who stay at the Four Seasons Hotel across the street, and they're not about to lose them."