Manhattan property owners seek over US$500 million for lots
It’s near JPMorgan Chase’s new headquarters as well as Citadel’s pending development
[NEW YORK] The owners of adjacent lots on Manhattan’s Park Avenue are seeking a buyer for what could be a prime development opportunity in Midtown.
The site, 405-415 Park Ave, is being marketed for sale for development or recapitalisation, according to materials viewed by Bloomberg. A joint venture between GDS Development and Swedish investor Corem Property Group owns 407-417 Park Ave, while a tie-up between Deutsche Bank’s asset management arm and MRP Realty controls 405 Park Ave.
The owners are looking to fetch more than US$500 million, according to a source familiar with the matter, who asked not to be named as the details are private.
The site, situated between E 54th St and E 55th St, can house a 527,000-square-foot (49,000-square-metre) development, or up to 700,000 square feet of rentable office space, according to the marketing materials.
It’s near JPMorgan Chase’s new headquarters as well as Citadel’s pending development.
A Newmark Group team including Adam Spies, Marcella Fasulo and Adam Doneger is handling the sale. Spokespeople for MRP Realty, GDS, Corem and Newmark did not respond to requests for comment. Deutsche Bank’s asset management arm, DWS, declined to comment.
Commercial real estate trade publication the Promote first reported that the site owners were teaming up for a sale. BLOOMBERG
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