{"id":1004143546,"date":"2016-05-05T22:30:36","date_gmt":"2016-05-06T06:30:36","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004143546"},"modified":"2020-04-08T06:35:11","modified_gmt":"2020-04-08T14:35:11","slug":"405-park-ave-gets-two-new-owners-plans-for-a-makeover","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/405-park-ave-gets-two-new-owners-plans-for-a-makeover\/","title":{"rendered":"405 Park Ave. Gets Two New Owners, Plans for a Makeover"},"content":{"rendered":"<p>By Gail Kalinoski<\/p>\n<div id=\"attachment_1004143547\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/05\/parkavenue.jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004143547\" data-attachment-id=\"1004143547\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/405-park-ave-gets-two-new-owners-plans-for-a-makeover\/parkavenue\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/05\/parkavenue.jpg\" data-orig-size=\"1446,895\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Ioana Neamt&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1462524293&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"parkavenue\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/05\/parkavenue.jpg?w=1024\" class=\"wp-image-1004143547 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/05\/parkavenue.jpg\" alt=\"405 Park Ave., New York\" width=\"300\" height=\"186\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/05\/parkavenue.jpg 1446w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/05\/parkavenue.jpg?resize=300,186 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/05\/parkavenue.jpg?resize=768,475 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/05\/parkavenue.jpg?resize=1024,634 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004143547\" class=\"wp-caption-text\">405 Park Ave., New York<\/p><\/div>\n<p><strong>New York<\/strong>\u2014<a href=\"https:\/\/www.mrprealty.com\/\" target=\"_blank\" rel=\"nofollow\">MRP Realty<\/a>, which made its entry into the New York City commercial real estate market less than a year ago, has scored again, teaming up with <a href=\"https:\/\/deutscheam.com\/Home\" target=\"_blank\" rel=\"nofollow\">Deutsche Asset Management<\/a>\u2019s Alternatives and Real Assets business to purchase 405 Park Ave.<\/p>\n<p>The partners did not release the price paid for the 17-story, <a href=\"https:\/\/www.commercialsearch.com\/news\/mixed-use\/\" target=\"_blank\">mixed-use<\/a> office and retail building in Manhattan\u2019s Plaza District, but <a href=\"https:\/\/www.crainsnewyork.com\/article\/20160115\/REAL_ESTATE\/160119889\/park-avenue-office-building-that-lost-investors-39-million-to-be-sold-for-six-times-that-\" target=\"_blank\" rel=\"nofollow\">Crain\u2019s New York Business<\/a> previously reported it would be sold for about $240 million. The seller was Donerail Corp., which had owned the 175,000-square-foot building since 1981, according to <a href=\"https:\/\/therealdeal.com\/2016\/01\/15\/deutsche-bank-mrp-to-buy-405-park-for-240m\/\" target=\"_blank\" rel=\"nofollow\">The Real Deal<\/a>. The building was at the center of a lawsuit between Donerail and a team of previous would-be buyers\u2013Steve Witkoff, Larry Gluck and Westbrook Partners. The investors had planned to buy the building on the corner of E. 54<sup>th<\/sup> St. in 2007 for $178.5 million but backed out after the 2008 economic downturn. The investors lost their $38.6 million down payment, sued to get it back and lost their case in 2012, \u00a0Crain\u2019s and The Real Deal reported.<\/p>\n<p>In a city where the commercial real estate market has been on the upswing in recent years, Park Avenue is still the leading office corridor and the Plaza District submarket continues to have the highest average rents in New York City. Rents can easily top $100 per square foot and reports are circulating that the owners of nearby 425 Park Ave. are seeking rents of at least $300 feet for the building that is under construction. <a href=\"https:\/\/www.us.jll.com\/united-states\/en-us\" target=\"_blank\" rel=\"nofollow\">JLL<\/a>, in its Q1 2016 Office Statistics report for New York City, reported that the highest average asking rent for Class A office properties in the Plaza District was $90.70 per square foot, compared to $83.59 per square foot for the overall Midtown highest average asking rent and $79.54 per square foot for the overall New York City Class A office average.<\/p>\n<p>The new owners of 405 Park Ave. said they are planning to invest in upgrades to the property but did not provide details or estimated costs.<\/p>\n<p>\u201cThe investment is viewed as an opportunity to create value through the implementation of a renovation program which will improve 405 Park\u2019s market position as a boutique, Class A asset,\u201d Todd Henderson, head of Real Estate in the Americas for Deutsche Asset Management\u2019s ARA business, said in a prepared statement. \u201cThis is a rare opportunity in one of the world\u2019s premier office markets.\u201d<\/p>\n<p>Ryan Nelson, managing director of MRP Realty, the Washington, D.C.-based firm with offices in New York and Philadelphia, added that they were \u201cthrilled to partner with Deutsche Asset Management on this unique investment and look forward to repositioning the building to trophy quality, in a trophy location.\u201d<\/p>\n<p>This is not MRP\u2019s first purchase in Manhattan. In September, the firm formed a joint venture with Long Wharf Real Estate Partners to acquire <a href=\"https:\/\/www.commercialsearch.com\/news\/hff-arranges-financing-for-one-of-a-kind-building-on-52nd-street\/\" target=\"_blank\">133 W. 52<sup>nd<\/sup> St.,<\/a> the former Flathotel that was renovated and repositioned by the Chetrit Group, for approximately $36.3 million. They expect to lease the property to a variety of tenants, including corporate users, creative tech companies, retailers and medical companies.<\/p>\n<p><em>Image via Google Street View<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Deutsche Asset Management teamed up with MRP Realty to acquire the 17-story office and retail building in Manhattan&#8217;s Plaza District.<\/p>\n","protected":false},"author":1068,"featured_media":1004143547,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,21752,1600,21742,10,21747,21749],"tags":[],"class_list":["post-1004143546","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-mixed-use","category-new-york","category-latest","category-northeast","category-office","category-retail"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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