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

[ChiND]

Originally Posted by NYguy

I'm sure this will be another spectacular development on prime Park Avenue space.

I agree. Hopefully, 400-410 Park and the Colgate building will be the next pieces of junk to come down.

[ChiND]

https://commercialobserver.com/2026/05/sunday-summary-gary-barnett-has-only-just-begun/

Gary Barnett Has Only Just Begun!
BY THE EDITORS MAY 10, 2026 9:00 AM

[NYguy]

https://www.instagram.com/p/DYH-DGcRV80/

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!

[ChiND]

As per Pincusco.com:

$40.6M pre-foreclosure filed at Parkoff building Extell reportedly wants to buy
May 28, 2026 8:04 am


110 E 55th St Cyclomedia

[NYguy]

I feel that Barnett is building office here, but some think possible supertall. I don’t know about that, but we’ll see.


https://www.linkedin.com/posts/alexandra...sition-activity-7460367915717144576-9ol0

Alexandra Bellak

A supertall on Park is a first!

Extell Development’s Manhattan expansion continues as the firm moves to acquire a prime Midtown site and air rights from an adjacent synagogue.

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

The company is also reportedly negotiating to acquire the adjacent office building at 110 East 55th Street, which, combined with the Park Avenue site, could become a major new mixed-use or office development in Midtown.

The enhancement of a possible green medium on Park Avenue coupled with a new supertall will give Billionaire's Row some competition.

[Crawford]

It could be a supertall, but entirely office. I guess we'll find out shortly.

[ChiND]

Office is the trend, but apart from what Gary is building on Madison and Columbus, there aren't many condos in the pipeline. (I think that the Wellington will be rentals.)

It looks like the timeframe for 800 Fifth and Sedesco's 57th Street tower are further off, though Vornado likely will build a residential tower on its newly-acquired 54th Street parcel.

I think that 405-417 Park would draw a lot of interest as a hyper-luxury condo with a seven-star hotel at the base.

[NYguy]

The mysterious Extell…


https://therealdeal.com/new-york/2026/05...oreclosure-hints-at-gary-barnetts-moves/

Gary Barnett’s next Midtown move?
Lender files pre-foreclosure suit at office property eyed for Extell assemblage


By Elizabeth Cryan
Research by Matthew El
May 28, 2026

Is Gary Barnett at it again?

A Midtown office building that the Extell principal has been eyeing for his growing assemblage has been hit with a pre-foreclosure suit filed by a construction company that has previously partnered with Barnett.

An entity tied to construction company JT Magen has filed for foreclosure on the 73,000-square-foot building at 110 East 55th Street, claiming owner Parkoff Organization defaulted on the loan and owes $40.6 million in principal and interest.

JT Magen, which recently teamed up with Extell on a foreclosure in Boston, took over the mortgage from Flagstar Bank in March, according to property records. The lender is seeking a foreclosure sale in a lawsuit filed Wednesday in state Supreme Court that was first reported by PincusCo.

The office building appears to be one of the last remaining pieces of the massive development project Barnett is stitching together on Park Avenue.

Extell earlier this month paid $500 million to buy the development site at 405-417 Park Avenue, which is adjacent to the 19-story Parkoff building. The company also bought air rights from the Central Synagogue for $20 million and has been said to be eyeing more properties.

The project has about 527,000 square feet of development as-of-right, which can grow up to 700,000 square feet of rentable office space with more air rights.

Earlier this week, Extell bought an office building on East 56th Street two blocks away, fueling speculation about Barnett’s broader strategy. Barnett is also said to be looking to buy a building at 111 East 54th Street, home to the private club The Brook.

Observers speculated that the developer planned to acquire the building and relocate The Brook to the former Friars Club building at 57 East 55th Street, which Extell recently purchased for $19 million in what appeared to be a clever and calculated game of development chess.

The latest pre-foreclosure suit could be another one of Barnett’s calculated plays. In March, Extell teamed up with lender JT Magen in March to win a $75 million foreclosure auction for a five-acre development site in Boston, the Boston Business Journal reported.

[NYguy]

Proximity to 625 Madison and 350 Park Avenue....I think office is the more attractive option, which is why Barnett is looking to expand the footprint. It could be mixed-use as well, but I smell office....

[NYguy]

MAY 31, 2026

[NYguy]

JUNE 6, 2026


So much potential for something great. Sites are so rare in this part of town.

[ChiND]

https://therealdeal.com/new-york/2026/06/09/gary-barnetts-park-avenue-expansion/

Gary Barnett’s Park Avenue puzzle
Acquisitions, air-rights and a foreclosure filing hint at Extell’s assemblage plans

Gary Barnett’s latest Midtown buying spree fits a familiar Extell playbook: quietly assemble strategic parcels, secure development rights and leave everyone guessing about the endgame.


But as deals begin to close, Barnett’s vision for a Park Avenue assemblage is beginning to come into focus. Recent acquisitions, air-rights deals and even a foreclosure filing suggest Extell is methodically expanding its footprint around the development site.

In May, Barnett’s Extell paid $500 million for the development site at 405-417 Park Avenue, the centerpiece of the assemblage.

The developer simultaneously scooped up $20 million worth of air rights from nearby Central Synagogue, boosting a project that already carries roughly 527,000 square feet of as-of-right development potential. With additional air rights, the site could support as much as 700,000 square feet of rentable office space.

The deal came just weeks after Barnett bought the former Friars Club building at 57 East 55th Street for $19 million, fueling speculation that his ambitions extend beyond the Park Avenue site itself. Extell has been linked to a potential acquisition of 111 East 54th Street, home to the private club the Brook. The five-story building is right next to the development site. Industry observers have theorized that Extell could be planning to relocate the club to the Friar’s Club building. But a longtime doorman told TRD the club has no plans to leave.

At the end of May, Barnett purchased the American Jewish Congress building at 165 East 56th Street, just two blocks from the assemblage. It doesn’t seem as though any potential air rights could be transferred due to its distance from the development site. But it’s possible Extell could have bought the building as a destination to relocate tenants from one of the other buildings.

The latest clue to Barnett’s plans emerged with a foreclosure filing against Parkoff Organization’s 110 East 55th Street, where an entity tied to construction firm JT Magen claims the owner defaulted on a loan carrying more than $40 million in outstanding principal and interest. JT Magen recently partnered with Extell on a foreclosure effort in Boston, adding another layer of intrigue to a Midtown assemblage that appears to be growing by the week.

As usual, Barnett has been tight-lipped about the acquisitions. But Extell President Andrew Chung recently revealed the full scope of Barnett’s ambitions at an office roundtable hosted by TRD. Chung recalled asking Barnett about his plans for the next five to ten years. The response, Chung said, was a single word: “Everything.”