Updated Jan 27, 2026
Gary Barnett's Extell Under Contract To Buy 405-415 Park Avenue From Michael Kirchmann And Rutger Arnhult
405 Park Avenue & 405 Park Avenue
Building Size
—
Asset Type
Development Site
Closing
Jan 25, 2026
About this deal
AI
The asset involved in this transaction is a development site located at 405-415 Park Avenue in Midtown Manhattan. This site is currently under contract, with negotiations also taking place for the air rights from Central Synagogue and an adjacent office building at 110 East 55th Street.
Summary of transation details:
- Property Type: Development Site
- Transaction Amount: Under Contract
- Address: 405-415 Park Avenue
- Market: Midtown Manhattan
- Buyer: Gary Barnett - Extell
- Seller: Michael Kirchmann - GDS Development & Rutger Arnhult - Corem Property Group AB
In this transaction, Gary Barnett represents Extell as the buyer, while Michael Kirchmann and Rutger Arnhult represent their respective companies, GDS Development and Corem Property Group AB, as sellers. The ongoing negotiations indicate a potential major assemblage in the Midtown area.
On the Map
Development Site
View full map
Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
Loading comparables…
Deal FAQ
Browse New York development site sales on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93