Do we have any idea what is going here?
I still would not be surprised if these sites are combined.
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interesting. No fence between the separate parcels?
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Nope. Just acting like it’s 1 big demo site.
I’ll check ACRIS to see if these sites are now jointly owned.
I could very well imagine another tower here, but we’ll see.
Developers might also eye a pair of properties at 405-417 Park Avenue, spanning the full block front on Park between East 54th and 55th streets. The city also identified nearly 40 sites that could sprout new towers when it rezoned Midtown East in 2017.
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It’s a bargain compared to the entirely vacant 405-417 Park Ave. blockfront between East 54th and 55th streets being marketed by Newmark — with pricing around $500 million — for a potential tower of 700,000 square feet
The next supertall
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The Extell founder is in contract to buy a prime development site at 405-415 Park Avenue, along with a chunk of air rights from nearby Central Synagogue, according to people familiar with the deal. Barnett is also in negotiations to acquire an adjacent office building at 110 East 55th Street, potentially stitching together what could become one of the most significant new assemblages in Midtown.
The sale price was not disclosed, but sellers were seeking north of $500 million. The Park Avenue site, which sits between East 54th and East 55th streets, can support roughly 527,000 square feet of development as-of-right, or as much as 700,000 square feet of rentable office space with additional air rights, according to marketing materials. That does not include the East 55th Street property.
If the deal closes, it would mark another major Midtown bet for Barnett, who has spent years amassing land and air rights along Park Avenue and in the Plaza District. While the ultimate use of the site is not known, the location and scale suggest a high-end office or mixed-use tower aimed at tenants willing to pay a premium to be near the city’s newest trophy developments.
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Supertall?
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Congratulations to @extell on their purchase of 405-417 Park Avenue! GDSNY and its partners assembled this site over several years purchasing the buildings and completing the demolition. Thank you to the hundreds of people that were involved along the way.
This is undoubtedly the best development site in Manhattan and we look forward to seeing Extell’s exciting addition to the skyline!
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It could become another skyscraper on Park Avenue once the air rights have been acquired.
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A new day
A new supertall Project.
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