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Klövern, GDSNY Expand Midtown Development Site with “Add-On Acquisition”
Development partners Klövern AB of Sweden and New York-based GDS Development Management (GDSNY) have acquired 407 Park Ave. within the Midtown East rezoning district. Klövern described the $30-million purchase as an “add-on acquisition” to the partnership’s planned development at 417 Park Ave. next door.
The current tenant at 407 Park, a two-story commercial building, is Italian menswear designer Stefano Ricci. GDSNY’s co-founder Alan Rudikoff said, “This building represents a great addition to our portfolio given its strategic location. We see incredible opportunity for the future on Park Avenue and in Midtown Manhattan.”
Klövern and GDSNY completed the $184-million acquisition of 417 Park just before the pandemic took hold in the U.S. last year, buying out all 29 residential co-op owners at the property. The addition of 407 Park, which offers 32,000 buildable square feet under current zoning, “further improves the development opportunities” for the 417 Park project, said Klövern.
- ◦Acquisition
