405 Park Ave. Gets Two New Owners, Plans for a Makeover
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405 Park Ave., New York
New York—MRP Realty, which made its entry into the New York City commercial real estate market less than a year ago, has scored again, teaming up with Deutsche Asset Management’s Alternatives and Real Assets business to purchase 405 Park Ave.
The partners did not release the price paid for the 17-story, mixed-use office and retail building in Manhattan’s Plaza District, but Crain’s New York Business 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 The Real Deal. The building was at the center of a lawsuit between Donerail and a team of previous would-be buyers–Steve Witkoff, Larry Gluck and Westbrook Partners. The investors had planned to buy the building on the corner of E. 54th 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, Crain’s and The Real Deal reported…
