From the Commercial Observer:

Gary Barnett’s Extell Development sealed the deal on a $500 million acquisition of a block-long development site at Midtown’s 405-417 Park Avenue.

The prime piece of empty real estate is officially the largest slice of Barnett’s Midtown assemblage, The Real Deal reported, citing sources familiar with the deal. The properties span a full block along Park Avenue between East 54th and East 55th streets.

The site hit the market jointly in August 2025, the Promote reported, involving owners GDS Development (GDSNY) and Swedish investor Klövern AB at 417 Park Avenue and German asset manager DWS Group and MRP Realty at 405 Park Avenue. Newmark agents Adam Spies, Marcella Fasulo and Adam Doneger represented the marquee offering.

Potential rentable office space at the property totals up to 700,000 square feet with air rights, plus 527,000 square feet of as-of-right development.