[NYguy]

Originally Posted by JMKeynes

It would really suck Dick [Cheney] if this site is not combined with the hideous piece of garbage next door [i.e., 405 Park]. It will be quite sad if this beautiful building is razed and replaced with a thirty story glass box.

https://therealdeal.com/2020/02/18/gds-klovern-buy-midtown-east-co-op-for-184m/

Klövern AB of Sweden and GDS Development Management have paid $184 million for all 29 units at a Midtown East co-op building, paving the way for the partnership to take advantage of the neighborhood’s rezoning.

The companies purchased all the apartments in 417 Park Avenue, a 14-story co-op constructed in 1916. The property is located within the 70-plus blocks the city rezoned in 2017, allowing for the address to have an office building with a floor-area ratio of 25, or nearly 220,000 square feet.

Plans for at least three massive office towers in the rezoned area have been revealed. JPMorgan’s headquarters at 270 Park Avenue is expected to span 2.5 million square feet, while Harry Macklowe’s proposed office tower along East 51st and East 52nd streets could exceed 1 million. TF Cornerstone and MSD Partners plan a 2 million-square-foot mixed-use building in a $3 billion redevelopment of the Grand Hyatt at 109 East 42nd Street.

Also, Vornado Realty Trust and Rudin Management have designs for a tapered 1,450-foot tower at 350 Park Avenue. The plan — one of several being considered for the lot — would yield 1.68 million square feet of leasable office space.

I could also see the site being residential.