Olympia & York Sells Park Ave. Building: Olympia & York has sold a 34-story office building in Manhattan to the Mutual of America life insurance company as part of the real estate developer's massive debt restructuring plan. Terms of the deal were not disclosed. The sale follows O&Y;'s announcement last week that it would sell to bondholders its 55 Water St. skyscraper. The Park Avenue building sold to Mutual of America has only one tenant and was not generating enough revenue for O&Y;, an O&Y; spokesman said. Mutual of America plans to move its headquarters to the 664,000-square-foot building by 1995.