Obviously, you don’t “drop” stuff from the ISS since it’s in orbit, the object would just float along at 28,000kph.
A space elevator? It’s rotating with the earth, so a circuit in 24 hours rather than the 90 minutes the ISS does. at 400km up, it’s 4400km from the center of the earth, so it’s travelling (2 xpi x 4400)/24 = 1151 kph. Presumably that is nowhere near the speed required to remain in orbit, so the dropped object would curve downward, attempting to perform an elliptical orbit where its starting point is the high point. It would intersect the atmosphere fairly soon. I would suspect it would not be too different from the simplest case.
Simplest case, no forward velocity (which I assume is what you are really asking). Straight drop down.
Basic back-of-envelope calculation… Standard acceleration formula is v^2 = 2ad. Take a=9.81m/s^2 (gravity) so say 10, and ignore the difference for being 400km further from the center of the earth. The object will fall 300km, let’s say, before friction becomes a seroious impediment. (at 100km, 60 mi altitude)
v^2 = 2 (10)(300x1000) (we’re working in meters not km in this one)
v^2 = 6,000,000
v = 2,450m/s or 8,818km/h.
And if we return to the space elevator scenario, the most it’s going to add the velocity is the extra 1151kph. (Actually, less)
Note the stuff that hits earth’s atmosphere from orbit is going sideways, at roughly the same speed as the ISS’s 28,000kph. Mostly, unless it’s big, it burns up. But your dropped object is only going about one third that speed, and less if you argue that maybe atmospheric friction starts to impeded acceleration before 100km altitude. And whether something burns up depends on what it’s made of, combustible, mass, melting point, etc. etc.
So the answer would be… maybe.
(My superpower in college was messing up calculations, so feel free to check my math)