Real ObserverThursday, May 14, 2026

REAL OBSERVER

Commercial Real Estate. Observed.

NY · Land · Sale · 3d ago

Gary Barnett's Extell pays $500 million for Park Avenue development site

Extell Development acquired the full blockfront at 405-417 Park Avenue between East 54th and East 55th streets in Midtown Manhattan for $500 million from Swedish investor Corem Property Group and German asset manager DWS. The assemblage can support up to 700,000 square feet of office space with additional air rights, which Extell purchased from Central Synagogue for $20 million.

Deal Type
Sale
Asset Class
Land
Location
New York, NY
Deal Value
$500M
Primary Party
Extell Development
Counterparty
Corem Property Group AB
Source Published
May 8, 2026

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