Extell Acquires Park Avenue Construction Site in $500 Million Deal

Deal Summary

Extell Development completed a $500 million acquisition of a block‑long construction site at 405‑417 Park Ave. in Manhattan, buying from Swedish investor Corem Property Group AB and German asset manager DWS, and also secured air rights for $20 million. The transaction was brokered by Newmark and advised by CBRE and Fried Frank, expanding Extell’s Midtown assemblage.