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**Owners of Adjacent Park Avenue Sites Seek $500M in Sale**
The owners of two neighboring properties on Park Avenue in Midtown Manhattan are looking to sell what could become a major development site, according to a report by Bloomberg News. They aim to fetch more than $500 million for the combined properties located at 405-415 Park Avenue, between East 54th and East 55th Streets.
A team from Newmark, including Adam Spies, Marcella Fasulo, and Adam Doneger, is marketing the site for either development or recapitalization purposes. The ownership is currently divided between a joint venture of GDS Development and Swedish investor Corem Property Group AB, which holds 407-417 Park Avenue, and a partnership between Deutsche Bank AG’s asset management division and MRP Realty, which owns 405 Park Avenue.
According to marketing materials reviewed by Bloomberg, the site has the potential to support a 527,000-square-foot development, with up to 700,000 square feet of rentable office space. The property is located near the newly built headquarters for JPMorgan Chase & Co. at 270 Park Avenue, and close to an upcoming office development by Citadel.
*Pictured: JPMorgan Chase’s new headquarters at 270 Park Avenue*
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