The Real Deal New York

Board of 417 Park Avenue makes another push for sale

The co-op fielded a $250M offer from Kushner Companies in April
October 10, 2018 10:20AM

417 Park Avenue (Credit: Apartments)

The owners of 417 Park Avenue are making another push to sell the co-op apartment building after bringing on new brokers.

Bordered by Park Avenue, 54th and 55th streets, the 13-story building has fielded interest from a number of buyers in recent years, including a $250 million offer from Kushner Companies in April.

The co-op board recently hired Darcy Stacom and Bill Shanahan at CBRE to again make a push for a sale, according to the New York Post.

However, the challenges of buying a building from a co-op board are well-known: in the case of 417 Park, the Post reported that at least 67 percent of shareholders need to agree to a price, which includes 26 apartments.

Under the new Midtown East zoning, the early 1900s building could be doubled in size to 200,000 square feet.

Several other neighboring buildings — including 405 and 407 Park — and the air rights to 11 East 54th Street could also be up for grabs for a savvy investor capable of stitching together a block-long assemblage. [NYP] — David Jeans