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