[Hudson11]

Two Real Estate Firms Purchase Park Avenue Property

Manhattan’s GDSNY and Sweden’s Klövern purchased a two-story building at 407 Park Avenue for about $31 million.

therealdeal.com

Demo Permits Filed for 409 Park Avenue in Midtown, Manhattan - New York YIMBY

YIMBY has the latest demolition permits filed for 409 Park Avenue in Midtown, Manhattan.

www.newyorkyimby.com

This is the building immediately south of 425 Park, along with its tiny neighbor. Unless the assemblage grows with the addition of the office building at 405 Park, it is unlikely this will be a tower of substantial height. 405 Park was recently put on the market, although the owners previously purchased air rights to renovate the building, intent on adding a few new floors and updating the facade.

Photos from YIMBY

 

[Hudson11]

a massing model which was probably used to market the co-op prior to its purchase by GSDNY and Klovern. The partners also purchased the small building at 407-409 Park Avenue, and their end game might be acquiring the office building at 405 Park to form a block-through assemblage. However, there are already plans by the current owner to reposition 405 Park after they purchased air rights to add a few stories and improve the facade.

CBRE

407-417 Park Avenue - GDSNY

Corem of Sweden and GDSNY have paid $184 million for all 29 units at a Midtown East co-op building, paving the way for the partnership to take advantage of the neighborhood’s rezoning. The companies purchased all the apartments in 417 Park Avenue, a 14-story co-op constructed in 1916. The...

www.gdsny.com

 

[redcode]

417 Park Avenue Begins Demolition In Midtown East - New York YIMBY

Demolition at 417 Park Avenue, a 14-story, 29-unit edifice built in 1916, begins to get underway in Midtown East.

www.newyorkyimby.com

YIMBY last covered 417 Park Avenue back in July 2020, when demolition permits for the 14-story, 29-unit residential co-op building were fully filed. GDS Development (GDSNY) is the owner of the building that stands on an 8,725-square-foot site and was originally built in 1916 with two cellar levels and a penthouse atop the 143-foot-tall edifice. The Midtown East property is located at the corner of Park Avenue and East 55th Street and is directly south of Foster + Partner‘s topped-out and nearly complete 425 Park Avenue. GDSNY and Klövern AB previously paid $184 million to purchase all the units, and the demolition of the current structure will make way for an office tower with a floor area ratio of 25, or nearly 220,000 square feet under Midtown East Rezoning regulations.

Photographs taken in late August from across Park Avenue show black netting, wooden boards, and metal scaffolding covering all of 417 Park Avenue. It looks like the very top of the superstructure has begun to be dismantled. The relatively short height should make the downwards progression quick and we could see all of the floors demolished in the next several months, perhaps by this upcoming winter.

GDSNY is also the owner of the adjacent two-story, 23-foot-tall, 4,300-square-foot 407 Park Avenue, which still stands today directly to the south of 417 Park Avenue. Built in 1910 and the former retail location for Italian menswear boutique Stefano Ricci, full demolition permits were also filed for this address, though it’s unclear when this will be torn down. The facade was still visible upon walking around the area and showed no signs of demolition activity yet. Ancora Engineering is listed as the applicant of record for both 409 and 417 Park Avenue. The nearest subway stop is the Lexington Avenue-53rd Street station, serviced by the E, M, and 6 trains and found one avenue to the east.

 

[Hudson11]

the building has been fully demolished since the last post.

JC_Heights on the YIMBY forums

There have been no reports of a deal with the owners of 405 Park Avenue to create a block-through assemblage, but plans appear to have changed at that property, as a full demolition permit was filed last year, whereas the plan divulged was to add four stories and update the facade with a glass curtainwall. That would only require partial demolition.

https://a810-bisweb.nyc.gov/bisweb/JobsQueryByNumberServlet?requestid=2&passjobnumber=123920365&passdocnumber=01