GDSNY, Klövern, pay $30.7M for mixed-use building to add to Plaza District dev site

GDS Development Management and partner Klövern AB of Sweden purchased a mixed-use building in the Plaza District which will be added to its development site at next door at 417 Park Avenue at East 55th Street.

GDSNY and Klövern, through the entity Clover Park Development LLC, paid $30.7 million to Jeffrey K. Reh through the entity Land Finance Corporation for the mixed-use building (K2) at 407 Park Avenue in Manhattan.

The deal closed on April 29, 2021 and was recorded on May 11, 2021.

The 407 Park Avenue property has 4,300 square feet of built space and 18,202 square feet of additional air rights for a total buildable of 22,500 square feet according to PincusCo analysis of city data. The sale price per built square foot is $7,150 and the price per buildable square foot is $1,366 per the PincusCo analysis.

According to a press release published by Klövern, the newly purchased building is “located right next to Klövern’s planned future project on 417 Park Avenue.”  Klövern says the new acquisition “further improves the development opportunities for that project.”

The seller bought the property on May 5, 2010 for $8.7 million.

The signatory for Jeffrey K. Reh was Jeffrey K. Reh. The signatory for GDSNY was Michael Kirchman.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.

Direct link to Acris document. link