Extell Development acquires a block-long Midtown Manhattan development site at 405-417 Park Ave. for $500 million, securing potential for 700,000 square feet of office space.
Extell Development has finalized a $500 million acquisition of a prime block-long site located between East 54th and East 55th streets at 405-417 Park Ave. in Manhattan. The project adds to the developer's extensive holdings in the Plaza District and offers a development capacity of up to 700,000 square feet of office space. As part of the transaction, Extell also secured $20 million in air rights from the neighboring Central Synagogue.
The site was acquired from Swedish investor Corem Property Group AB and German asset manager DWS. While formal plans remain undisclosed, the acquisition positions Extell to pursue a significant office or mixed-use development, potentially joining the corridor’s wave of trophy tower projects. The developer is also reportedly negotiating to acquire the adjacent property at 110 E. 55th St. from the Parkoff Organization.
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