Gary Barnett’s Extell Lands $500M Acquisition of 405-417 Park Avenue
By Emily Davis May 8, 2026 3:02 pm
reprints
Gary Barnett’s Extell Development sealed the deal on a $500 million acquisition of a block-long development site at Midtown’s 405-417 Park Avenue.
The prime piece of empty real estate is officially the largest slice of Barnett’s Midtown assemblage, The Real Deal reported, citing sources familiar with the deal. The properties span a full block along Park Avenue between East 54th and East 55th streets.
The site hit the market jointly in August 2025, the Promote reported, involving owners GDS Development and Swedish investor Klövern AB at 417 Park Avenue and German asset manager DWS Group and MRP Realty at 405 Park Avenue. Newmark agents Adam Spies, Marcella Fasulo and Adam Doneger represented the marquee offering.
Potential rentable office space at the property totals up to 700,000 square feet with air rights, plus 527,000 square feet of as-of-right development.
Barnett also purchased air rights from the nearby Central Synagogue. The 103,000-square-foot trade totaled $20 million, and it includes a put option to acquire another 30,000 square feet, CO understands.
CBRE’s Stephen Siegel and a Fried Frank team led by Jonathan Mechanic advised on the air rights deal, TRD reported.
Barnett, hungry for more, is reportedly pursuing two adjacent buildings: the Parkoff Organization’s 110 East 55th Street, which sources told TRD he is in the process of acquiring, and potentially 111 East 54th Street, which is owned and occupied by private club The Brook.
Barnett has stayed busy in Midtown. He recently purchased the Friars Club building just down the block at 57 East 55th Street for $19 million, Commercial Observer reported in late April. Barnett secured 123,000 square feet of air rights over Saint Thomas Church at 678 Fifth Avenue two blocks east for $36 million last year, as well.
DWS Group declined to comment. Spokespeople for Extell, Newmark, CBRE, Fried Frank and the site’s other sellers did not immediately respond to requests for comment.
Emily Davis can be reached at edavis@commercialobserver.com.
