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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.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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