---
title: "Gary Barnett’s Extell Lands $500M Acquisition of 405-417 Park Avenue"
url: https://burnaze.com/article/566fc2f3-3491-4f85-ba29-69850d132649
source: "Commercial Observer"
original_url: https://commercialobserver.com/2026/05/gary-barnett-extell-500m-sale-405-417-park-avenue/
author: "Edavis"
category: "Real Estate"
topics: ["Finance & M&A"]
published: 2026-05-08T19:02:00.000Z
modified: 2026-10-31T13:16:26.524Z
image: https://commercialobserver.com/wp-content/uploads/sites/3/2026/05/405-Park_Gary-Barnett-copy.jpg?quality=80&resize=1200%2C630&strip=
---

# Gary Barnett’s Extell Lands $500M Acquisition of 405-417 Park Avenue

**TL;DR:** Gary Barnett's Extell Development has acquired a block-long development site at 405-417 Park Avenue in Midtown for $500 million. The site was previously owned by GDS Development, Klövern AB, DWS Group, and MRP Realty.

*By Edavis, originally published in Commercial Observer on 2026-05-08. [Read the original](https://commercialobserver.com/2026/05/gary-barnett-extell-500m-sale-405-417-park-avenue/).*

## Story

**Gary Barnett**’s **Extell Development** sealed the deal on a $500 million acquisition of a block-long development site at Midtown’s **405-417 Park Avenue**.

The prime piece of empty real estate is officially the largest slice of Barnett’s Midtown assemblage, *The Real Deal* reported, citing sources familiar with the deal. The properties span a full block along Park Avenue between East 54th and East 55th streets.

The site hit the market jointly in August 2025, the *Promote* reported, involving owners **GDS Development** and Swedish investor **Klövern AB** at 417 Park Avenue and German asset manager **DWS Group** and **MRP Realty** at 405 Park Avenue. **Newmark** agents **Adam Spies**, **Marcella Fasulo**, **Adam Doneger,** **Josh King** and **Avery Silverstein** represented the marquee offering.

Potential rentable office space at the property totals up to 700,000 square feet with air rights, plus 527,000 square feet of as-of-right development.

**Jay Neveloff**, chair of U.S. real estate for **HSF Kramer**, called the deal a reflection of Barnett’s confidence in New York City.

“Through Extell, Gary has helped shape the skyline and contribute meaningfully to the city’s economy, and today’s news is just another example of the vision, discipline and persistence that have defined his career,” Neveloff, whose relationship with Barnett spans several decades, told CO.

Barnett also purchased air rights from the nearby **Central Synagogue**. The 103,000-square-foot trade totaled $20 million, and it includes a put option to acquire another 30,000 square feet, CO understands.

**CBRE**’s **Stephen Siegel** and a **Fried Frank** team led by **Jonathan Mechanic** advised on the air rights deal, *TRD* reported.

Barnett, hungry for more, is reportedly pursuing two adjacent buildings: the **Parkoff Organization**’s **110 East 55th Street**, which sources told *TRD* he is in the process of acquiring, and potentially **111 East 54th Street**, which is owned and occupied by private club **The Brook**.

Barnett has stayed busy in Midtown. He recently purchased the **Friars Club** building just down the block at **57 East 55th Street** for $19 million, Commercial Observer reported in late April. Barnett secured 123,000 square feet of air rights over **Saint Thomas Church** at **678 Fifth Avenue** two blocks east for $36 million last year, as well.

DWS Group declined to comment. Spokespeople for Extell, Newmark, CBRE, Fried Frank and the site’s other sellers did not immediately respond to requests for comment.

Keywords: 110 East 55th Street, 111 East 54th Street, 405 Park Avenue, 405-417 Park Avenue, 417 Park Avenue, Adam Doneger, Adam Spies, Central Synagogue, Gary Barnett, Jonathan Mechanic, Marcella Fasulo, Stephen Siegel, CBRE, DWS Group, Extell Development Company, Fried Frank, GDS Development, Klovern AB, MRP Realty, Parkoff Organization, The Brook

## Entities

- Real Estate (sector)
- Commercial Observer (publication)
- CBRE (company)
- Newmark (company)
- real estate acquisition (topic)
- Stephen Siegel (person)
- Adam Doneger (person)
- Adam Spies (person)
- Marcella Fasulo (person)
- Avery Silverstein (person)
- Jay Neveloff (person)
- HSF Kramer (company)

---
Originally reported by Edavis, Commercial Observer (https://commercialobserver.com/2026/05/gary-barnett-extell-500m-sale-405-417-park-avenue/). Summarized by Burnaze (https://burnaze.com/article/566fc2f3-3491-4f85-ba29-69850d132649).