NEW YORK | 405-417 Park Avenue | FT | FLOORS

[NYguy]

Originally Posted by Crawford

If it's Extell, they better deliver a landmark quality tower, given the location.

Extell builds nice buildings, but they generally don't build "wow" buildings. The Park Ave. location calls for something conservative and timeless but also lavish.

No one is deserving of a landmark quality tower, but Park Avenue is Park Avenue. The site could be office, it could be residential. But either way, too early to start complaining about anything.

[ChiND]

NY Guy: Could Extell's recent purchase of air rights at St. Thomas Church be used here, or is it outside of the zone where they can be transferred? If so, over 800k sf on this tiny site would result in a pretty tall tower.

https://www.6sqft.com/extell-to-buy-36m-in-air-rights-from-midtowns-st-thomas-church/

...the developer has entered into a contract to acquire 123,000 square feet of air rights from the landmarked St. Thomas Church at 678 Fifth Avenue. It’s unclear which project Extell plans to use the rights for,

[NYguy]

^ It’s outside the zone for landmarks transfers, but they could always apply for some sort of special permit.

[ChiND]

Originally Posted by NYguy

^ It’s outside the zone for landmarks transfers, but they could always apply for some sort of special permit.

If that's the case, then I hope that the air rights are going to 3 E 54th. I'm eager to see that site developed.

[NYguy]

Looks like Extell might even expand the footprint…


https://www.thepromote.com/p/inside-sf-s-hotel-heist-of-the-year-barnett-megadeal-chatter

Just Gary Things: Pole Position on Park

We’ve covered the Extell Development boss’ recent capers…..but now we’re getting word of another: Extell is in pole position to snap up a rare fee simple offering on Park Ave., The Promote understands. The sites at 405-417 Park hit the market via Newmark in an unusual joint listing late this summer.

On Wed., Corem (i.e. Klövern AB) , which co-owns 417 w/ GDSNY, announced that it had an LOI to sell its site to an unnamed US developer. Other bidders on the joint spread include Brookfield, sources said, w/ numbers in the $500M range.

And there’s chatter that Gary (as he does) isn’t content w/ just those sites for his assemblage: he’s also making a play for Parkoff-owned 110 E 55th St. and maybe even the 54th St. home of secretive private club the Brook. Extell declined comment, and we should be clear: this is a live deal, Corem specifies it just has an LOI (i.e. not a contract), and things could certainly change.

[The New York Lion]

Awesome.

Those two additional buildings would add about 100,000 square feet, making the total about 800,000-900,000 and giving Gary half of the whole block.

Who knows what other air rights Gary has, but this would probably be similar to the 5th Avenue tower he's building unless he includes a residential/hotel component like he was originally going to do at 5th Avenue.

That tower was around 1,100 feet tall before he went with strictly office.

[NYguy]

Given the rents at 425 Park, and the lack of new office product in the area, Extell would most likely do office (assuming they get the site).

[ChiND]

I don't really care about Parc 55, but I was concerned that a philistine might buy the nice old buildings on 54th just east of this site. I'd be consoled with their loss if an icon were to rise here, but it would be a shame if they were razed to accommodate a 900 foot glass box. That appears to be the likely scenario.

[NYguy]

Originally Posted by ChiND

I don't really care about Parc 55, but I was concerned that a philistine might buy the nice old buildings on 54th just east of this site. I'd be consoled with their loss if an icon were to rise here, but it would be a shame if they were razed to accommodate a 900 foot glass box. That appears to be the likely scenario.

You and I both barely know anything about what’s going up here. How about you sit back and relax for a change, and watch things play out. So much unneccessary time wasted on unfounded criticisms. It’s a prime site that needs to be developed. The empty lot is currently more of a stain on Park Avenue than anything that might rise there.

[ChiND]

Knowing Gary's modus operandi, one needn't be the Prophet Daniel to ascertain the writing on the wall. He needlessly razed 576 Fifth, which was beautiful, and yet, his banal 570 Fifth didn't get any taller or better. It just increased the size of the quotidian base. I am an unequivocal and ardent supporter of development. However, I also support the preservation of timeless, old buildings, particularly when they're replaced with Pathmark vanilla structures. 570 Fifth is mediocre per se, and I hope that another iteration of that does not end up on Park. It's barely tolerable in the "Diamond District."

[NYguy]

Originally Posted by ChiND

Knowing Gary's modus operandi, one needn't be the Prophet Daniel to ascertain the writing on the wall. He needlessly razed 576 Fifth, which was beautiful, and yet, his banal 570 Fifth didn't get any taller or better. It just increased the size of the quotidian base. I am an unequivocal and ardent supporter of development. However, I also support the preservation of timeless, old buildings, particularly when they're replaced with Pathmark vanilla structures. 570 Fifth is mediocre per se, and I hope that another iteration of that does not end up on Park. It's barely tolerable in the "Diamond District."

570 Fifth Avenue is essentially the same design it would have been at the taller height. In fact, if that same design were 1,500 ft, you be praising it, declaring a new age of something or another in the city. There is nothing banal about that design, and it's certainly better than some of the other recent office additions to the city. And btw, not everything is going to be "spectacular", and not everyone is going to share in the same opinion of what is spectacular. It hardly matters, as there is no building here to even judge. Which again, brings me to my point. You have no idea what you're talking about.

[NYguy]

Now, as far as speculation on Extell (if they indeed do get the site) transferring development rights from St. Thomas to this site, you can see the proximity to the other potential site of a transfer (one within range) at 3. East 54th Street. It could be either or neither, we don't know.



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[ChiND]

With the addition of 110 E 55th and the air rights, this should be about 900 feet tall. Hopefully, the design will be nice.

https://therealdeal.com/new-york/2026/01...l-in-contract-to-buy-midtown-assemblage/

Gary Barnett in contract to buy major Midtown assemblage
Deal includes air rights and adjacent office building

Gary Barnett is bulking up again in Midtown.

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…

[NYguy]

Glad this is coming together....


https://therealdeal.com/new-york/2026/01...l-in-contract-to-buy-midtown-assemblage/

Gary Barnett in contract to buy Midtown assemblage
Deal includes air rights and adjacent office building


By Elizabeth Cryan & Rich Bockmann
Jan 25, 2026

Gary Barnett is bulking up again in Midtown.

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.

The assemblage is steps from JPMorgan Chase’s new 2.5 million-square-foot global headquarters at 270 Park Avenue and near Citadel and Vornado Realty Trust’s planned tower at 350 Park Avenue.

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.

[NYguy]

It was also mentioned earlier that Extell could potentially be getting lot 5. Lot 6 would also create an even better footprint for an office development. Things are heating up.

And there’s chatter that Gary (as he does) isn’t content w/ just those sites for his assemblage: he’s also making a play for Parkoff-owned 110 E 55th St. and maybe even the 54th St. home of secretive private club the Brook.

[ChiND]

Lots 5 and 6 have two very nice little buildings. It would be a shame to lose them, but I suspect that Extell, in fact, will acquire them.

[Crawford]

I hope this is a mixed-use tower, also including condos and/or hotel. That's more Extell's style, and will will make a major supertall more likely.

[ChiND]

Originally Posted by Crawford

I hope this is a mixed-use tower, also including condos and/or hotel. That's more Extell's style, and will will make a major supertall more likely.

I agree. Also, 655 Madison will be mixed use. Then again, if it's just going to be a glass box, I'd be fine with 800 feet. Hopefully, Gary will raise the bar for Park Avenue.

[Vertigo11]

Originally Posted by NYguy

You and I both barely know anything about what’s going up here. How about you sit back and relax for a change, and watch things play out. So much unneccessary time wasted on unfounded criticisms. It’s a prime site that needs to be developed. The empty lot is currently more of a stain on Park Avenue than anything that might rise there.

You give "I'm an adult who still lives off his father" vibes

[ChiND]

https://www.6sqft.com/extel-to-purchase-park-ave-development-site/

Extell to purchase Park Ave development site

By Aaron Ginsburg
January 26, 2026

On Sunday, Gary Barnett’s firm entered a contract to purchase 405–415 Park Avenue and air rights from Central Synagogue…