Extell to purchase Park Ave development site
Streetview of 405 Park Avenue © 2024 Google
Extell Development’s Manhattan expansion continues as the firm moves to acquire a prime Midtown site and air rights from an adjacent synagogue. On Sunday, Gary Barnett’s firm entered a contract to purchase 405–415 Park Avenue and air rights from Central Synagogue, as first reported by The Real Deal. The company is also reportedly negotiating to acquire the adjacent office building at 110 East 55th Street, which, combined with the Park Avenue site, could become a major new mixed-use or office development in Midtown.
The Park Avenue sites are held by separate ownership groups that have reportedly been exploring a sale or recapitalization. A joint venture of GDS Development and Corem Property Group AB owns 407–417 Park Avenue, while 405 Park Avenue was purchased in 2016 by Deutsche Bank’s asset management arm and MRP Realty. The Parkoff Organization controls 110 East 55th Street, according to The Real Deal.
Full demolition permits for 405 Park Avenue’s former 17-story building were issued in January 2021, though original plans had called for a renovation and an addition atop the structure, according to Yimby.
Although the sale price has not been disclosed, the sellers were previously seeking more than $500 million. The Park Avenue site can support roughly 527,000 square feet of development as-of-right, or up to 700,000 square feet of rentable office space with additional air rights.
If the deal closes, it would mark another significant Midtown investment by Barnett, who in recent years has acquired extensive land and air rights along Park Avenue and in the Plaza District. While the site’s ultimate use remains unconfirmed, its size and location suggest it could support an office or mixed-use tower.
After a busy 2025, Extell continues to expand its Manhattan portfolio. On the Upper West Side, the firm is constructing a 90-story skyscraper at the former ABC campus at 77 West 66th Street, which is set to become the neighborhood’s tallest, surpassing its existing controversial building across the street at 50 West 66th Street.
Earlier this month, Extell filed plans with the Department of Buildings for a 25-story, 58-unit tower at 36 West 66th Street in Lincoln Square. Additional projects at the site include a 9-story, 50-unit building at 30 West 67th Street and a 7-story, 31-unit building at 7 West 66th Street.
In November, the firm purchased $36 million in air rights from Midtown’s historic St. Thomas Church at 678 Fifth Avenue. While it is unclear which project the firm will use the rights for, Extell is developing several nearby sites, including the former Wellington Hotel site and 655 Madison Avenue.
Extell is also developing a 29-story office and retail tower at 570 Fifth Avenue between West 46th and 47th Streets, according to The Real Deal.
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