MRP Realty and Deutsche Bank Asset Management have signed a deal with St. Patrick’s Cathedral for the purchase of 30,000 square feet of air rights. The two companies bought 405 Park Avenue in 2016 for $240 million and now plan to add four floors and 205,000 square feet of office space to the building. The duo intend to do a complete renovation of the property, including improvements to the façade and the lobby. St. Patrick’s should make at least $7.2 million in the deal, while the rest of the money will go toward a fund to make public improvements to Midtown East.
