YIMBY last covered 417 Park Avenue back in July 2020, when demolition permits for the 14-story, 29-unit residential co-op building were fully filed. GDS Development (GDSNY) is the owner of the building that stands on an 8,725-square-foot site and was originally built in 1916 with two cellar levels and a penthouse atop the 143-foot-tall edifice. The Midtown East property is located at the corner of Park Avenue and East 55th Street and is directly south of Foster + Partner‘s topped-out and nearly complete 425 Park Avenue. GDSNY and Klövern AB previously paid $184 million to purchase all the units, and the demolition of the current structure will make way for an office tower with a floor area ratio of 25, or nearly 220,000 square feet under Midtown East Rezoning regulations.
Photographs taken in late August from across Park Avenue show black netting, wooden boards, and metal scaffolding covering all of 417 Park Avenue. It looks like the very top of the superstructure has begun to be dismantled. The relatively short height should make the downwards progression quick and we could see all of the floors demolished in the next several months, perhaps by this upcoming winter.
GDSNY is also the owner of the adjacent two-story, 23-foot-tall, 4,300-square-foot 407 Park Avenue, which still stands today directly to the south of 417 Park Avenue. Built in 1910 and the former retail location for Italian menswear boutique Stefano Ricci, full demolition permits were also filed for this address, though it’s unclear when this will be torn down. The facade was still visible upon walking around the area and showed no signs of demolition activity yet. Ancora Engineering is listed as the applicant of record for both 409 and 417 Park Avenue. The nearest subway stop is the Lexington Avenue-53rd Street station, serviced by the E, M, and 6 trains and found one avenue to the east.
No official rendering, architect, or completion date for 417 Park Avenue have been announced yet, though YIMBY will keep a close eye on the progress of this upcoming building.