Klövern, GDS Development pay $184M for residential co-op building in Plaza District

Klövern AB of Sweden and GDS Development Management (GDSNY) through the entity Clover Park Development LLC paid residential cooperative owners $184 million to purchase the residential building at 417 Park Avenue in the Plaza District. The deal closed on February 18, 2020, and was recorded on February 27, 2020. The property is 89,651 square feet. The parcel has much higher development potential because of the Midtown rezoning.

The co-op unit owners were advised by CBRE’s Bill Shanahan, Darcy Stacom and David Fowler.

Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $655,480.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link