Gary Barnett\u2019s Extell Development sealed the deal on a $500 million acquisition of a block-long development site at Midtown\u2019s 405-417 Park Avenue.\u00a0<\/p>\n
The prime piece of empty real estate is officially the largest slice of Barnett\u2019s Midtown assemblage, The Real Deal<\/a> reported, citing sources familiar with the deal. The properties span a full block along Park Avenue between East 54th and East 55th streets.\u00a0<\/p>\n SEE ALSO: Brooklyn Heights Walgreens to Become High-Rise After $30M Sale to Rogers Equities<\/a><\/p>\n The site hit the market jointly in August 2025, the Promote reported<\/a>, involving owners GDS Development<\/a> and Swedish investor Kl\u00f6vern AB at 417 Park Avenue and German asset manager DWS Group<\/a> and MRP Realty<\/a> at 405 Park Avenue. Newmark agents Adam Spies, Marcella Fasulo and Adam Doneger represented the marquee offering.<\/p>\n 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.<\/p>\n Jay Neveloff, chair of U.S. real estate for HSF Kramer, called the deal a reflection of Barnett\u2019s confidence in New York City.<\/p>\n \u201cThrough Extell, Gary has helped shape the skyline and contribute meaningfully to the city\u2019s economy, and today\u2019s news is just another example of the vision, discipline and persistence that have defined his career,\u201d Neveloff, whose relationship with Barnett spans several decades, told CO.<\/p>\n Barnett also purchased air rights from the nearby Central Synagogue<\/a>. The 103,000-square-foot trade totaled $20 million, and it includes a put option to acquire another 30,000 square feet, CO understands.<\/p>\n CBRE<\/a>\u2019s Stephen Siegel and a Fried Frank<\/a> team led by Jonathan Mechanic advised on the air rights deal, TRD reported.<\/p>\n Barnett, hungry for more, is reportedly pursuing two adjacent buildings: the Parkoff Organization<\/a>\u2019s 110 East 55th Street, which sources told TRD he is in the process of acquiring, and potentially 111 East 54th Street, which is owned and occupied by private club The Brook<\/a>.\u00a0<\/p>\n Barnett has stayed busy in Midtown. He recently purchased the Friars Club building just down the block at 57 East 55th Street for $19 million, Commercial Observer reported<\/a> in late April. Barnett secured<\/a> 123,000 square feet of air rights over Saint Thomas Church at 678 Fifth Avenue two blocks east for $36 million last year, as well.<\/p>\n DWS Group declined to comment. Spokespeople for Extell, Newmark, CBRE, Fried Frank and the site\u2019s other sellers did not immediately respond to requests for comment.\u00a0<\/p>\n