New York, NY – Klövern AB of Sweden, along with New York-based GDS Development Management (GDSNY), announced today that it has acquired 407 Park Avenue. The two-story commercial building is located between 54th and 55th Streets on Park Avenue; the site offers 32,000 buildable square feet, as of right.

The building’s current tenant is Italian menswear designer, Stefano Ricci.

GDSNY’s co-founder Alan Rudikoff said, “This building represents a great addition to our portfolio given its strategic location. We see incredible opportunity for the future on Park Avenue and in Midtown Manhattan.”

The purchase price was $30 million.

Attorney Andrew Weiner of Pillsbury Winthrop Shaw Pittman handled the transaction for Klövern and GDSNY.

“We see a bright future for New York City and are pleased to continue to acquire these assets with our partners GDSNY,” says Jens Andersson, Klövern’s Head of Finance.