Deutsche Bank’s DWS files plans for the demolition of 405 Park Avenue

DWS Group, on January 12, filed a permit application for the demolition of the 174,804-square-foot office building, 405 Park Avenue in the Plaza District. Sandro Arbulu filed the application. DWS Group owns the building in partnership with MRP Realty.

MRP Realty and Deutsche Bank Asset Management purchased the property on May 2, 2016, for $237.8 million. DWS was then created as a spinoff of Deutsche Bank’s asset management business. Crain’s reported in 2018 that the partnership would be buying air rights from St. Patrick’s Cathedral. but no sale has been recorded in city property records.

The plans call for the demolition of the 17-story building.

The project is described in the filings as: full demolition of 17-story structure using hand held, and mechanical means to assist with interior, back-fill site, load out debris. Foundations to remain.

No new building plans have been filed yet.

In early 2020, the partnership floated the idea of selling the building. Reports indicated it could go for more than $350 million.

According to MRP’s website, the firm, “plans to create value through a comprehensive and robust renovation program which will improve 405 Park’s market position as a boutique, Class-A asset in a trophy location.”

Direct link to Acris document. LINK

Direct link to DOB document. LINK