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Owners of Adjacent Park Avenue Sites Seek $500M in Sale

The owners of two adjacent Park Avenue sites in Midtown Manhattan are seeking a buyer for what could be a prime development opportunity, reported Bloomberg News. They’re hoping to garner more than $500 million from a sale of the combined site at 405-415 Park Ave., located between East 54th and East 55th streets.

A Newmark team including Adam Spies, Marcella Fasulo and Adam Doneger is marketing the sale of the site for development or recapitalization, according to materials viewed by Bloomberg. A joint venture between GDS Development and Swedish investor Corem Property Group AB owns 407-417 Park Ave., while a partnership of Deutsche Bank AG’s asset management arm and MRP Realty controls 405 Park Ave.

The site could house a 527,000-square-foot development, or up to 700,000 square feet of rentable office space, Bloomberg reported, citing the marketing materials. It’s near JPMorgan Chase & Co.’s new headquarters as well as Citadel’s pending office development.  

Pictured: JPMorgan Chase’s new headquarters at 270 Park Ave.

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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 16-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 7-10 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).