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Klövern, GDSNY Buy Out Co-op Owners in Midtown East
Swedish property management firm Klövern AB and its local partner GDSNY have bought out the owners of all 29 co-operative units at 417 Park Ave., a 14-story co-op building within the Midtown East rezoning district. Total purchase price was $184 million, financed primarily with bank loans, according to Klövern.
The new owners of the century-old co-op building, located at the corner of Park Avenue and 55th Street, are evaluating future development options.
“We are excited to continue adding premium assets in New York with our partners GDSNY,” said Klövern CEO Rutger Arnhult. “This is the fourth project property we have acquired in Manhattan, following two acquisitions in 2018 and one acquisition in 2019.” Most recently, the two companies broke ground on an office project in Chelsea last October.
CBRE’s Darcy Stacom, William Shanahan and David Fowler reportedly advised the co-op owners.
Photo courtesy of Sotheby’s Homes.
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