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


#1

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.


#2

This sucks. This pos should hAve been razed.


#3

Indeed.


#4

A Stern there would have been a blockbuster.


#5

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


#6

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


#7

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.


#8

What an utter waste. The original building was gorgeous.