NEW YORK | 405 Park Avenue | FT | 21 FLOORS (Renovation)

The owners of 405 Park Avenue are buying 30,000 square feet of air rights from St. Patrick’s Cathedral for about $10 million, the second deal under the city’s Midtown East rezoning.
MRP Realty and Deutsche Bank Asset Management teamed up to buy 405 Park Avenue in 2016 for $240 million and now plan to add four floors and 205,000 square feet of office space to the building with the air rights purchase, according to Crain’s.
[…]
The building now stands 17 stories tall, and the companies are also planning a gut renovation of the property, making improvements to the façade and the lobby.

4 Likes

This sucks. This pos should hAve been razed.

4 Likes

Indeed.

1 Like

A Stern there would have been a blockbuster.

1 Like

HA! I was thinking the same thing. Even as offices.

These guys are idiots . Millions of sf of new space is coming on line. No one will pay $100/sf for this crap.

still sad that this won’t be razed. I hope its a complete overhaul.

If there was a commandment for not coveting thy neighbor’s air rights deal, The Brook would face damnation. The exclusive private men’s club agreed to sell its unused development rights to the owners of 405 Park Avenue, scuttling a previous agreement with St. Patrick’s Cathedral and costing the church millions.

Because its property sits right next to 405 Park, the club can sell its air rights under pre-rezoning rules and doesn’t have to pay into a city fund for public upgrades.

1 Like

What an utter waste. The original building was gorgeous.

1 Like

next door, the coop has been bought out by a different team.

3 Likes

Great news. Now hopefully we’re getting a new full-block office tower, under the new Grand Central upzoning.

How? The sites are owned by different companies.

Unless the entities are somehow related (which I’m not aware of) then either of the two will ask the other an exorbitant price for their building’s air rights or a purchase, so I doubt that would happen. I suppose they could form a new team between all of the players, but there’d be a lot of heads to divide up the eventual profit among. Too many cooks spoil the broth.

This building is being put up for sale. Hopefully the company that’s redeveloping 417 Park next door will buy it and make a new full-block tower.

https://www.crainsnewyork.com/real-estate/park-avenue-office-building-hits-market-350m

1 Like

417 on its way to being empty 2 more units sold:

hope 405 goes and 417 is built around (stern could do a good job) / or cantilevered over (other architects)

3 Likes

Not sure if this needs its own thread. I hope these sites are combined if 417 has to go.

4 Likes
4 Likes

Glad to see this building go, probably the least worthy of its address in Manhattan!

2 Likes

death shroud over 417. Maybe we should open a new thread, no signals of these lots being combined.

photos by A Chicagoan on SSC

3 Likes

image
image
image

I’m holding out on celebrating because I’m not sure somebody can whip up a worthy successor to this building. It’s probably going to be a slender box like 343 Madison, but half the height.