Demolition




417 Park Avenue Begins Demolition In Midtown East

YIMBY last covered 417 Park Avenue back in July 2020, when demolition permits for the 14-story, 29-unit residential co-op building were fully filed. GDS Development (GDSNY) is the owner of the building that stands on an 8,725-square-foot site and was originally built in 1916 with two cellar levels and a penthouse atop the 143-foot-tall edifice. The Midtown East property is located at the corner of Park Avenue and East 55th Street and is directly south of Foster + Partner‘s topped-out and nearly complete 425 Park Avenue. GDSNY and Klövern AB previously paid $184 million to purchase all the units, and the demolition of the current structure will make way for an office tower with a floor area ratio of 25, or nearly 220,000 square feet under Midtown East Rezoning regulations.

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