Manhattan Property Owners Seek Over $500 Million for Lots (1)

The owners of adjacent lots on Manhattan’s Park Avenue are seeking a buyer for what could be a prime development opportunity in Midtown.

The site, 405-415 Park Ave., is being marketed for sale for development or recapitalization, according to materials viewed by Bloomberg. A joint venture between GDS Development and Swedish investor Corem Property Group AB owns 407-417 Park Ave., while a tie-up between Deutsche Bank AG’s asset management arm and MRP Realty controls 405 Park Ave.

The owners are looking to fetch more than $500 million, according to a person familiar with the matter, who asked not to ...