Albert Behler's Paramount Group Inc. Acquires Retail Asset In Times Square For $190M
1600 Broadway, New York, NY, USA
$190,000,000
$7,600/SF
Building Size
25,000 SF
Asset Type
Retail
Closing
Dec 14, 2021
About this deal
AI
Paramount Group Inc., led by Albert Behler, has acquired a retail property located at 1600 Broadway in Times Square, Manhattan. The property was sold by Sherwood Equities in a transaction brokered by Cushman & Wakefield's Doug Harmon, Adam Spies, Adam Doneger, Marcella Fasulo, and Avery Silverstein. The sale price for the property was $190,000,000.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $190,000,000
- Address: 1600 Broadway, Times Square, Manhattan
- Buyer: Albert Behler - Paramount Group Inc.
- Seller: Sherwood Equities
- Brokers: Doug Harmon, Adam Spies, Adam Doneger, Marcella Fasulo, and Avery Silverstein - Cushman & Wakefield
Paramount Group Inc., led by Albert Behler, successfully acquired the retail property at 1600 Broadway in Times Square. The property, spanning approximately 25,000 square feet, was purchased at a price of $190,000,000, translating to approximately $7,600 per square foot. This transaction was facilitated by Cushman & Wakefield's team of brokers, Doug Harmon, Adam Spies, Adam Doneger, Marcella Fasulo, and Avery Silverstein.
On the Map
$190,000,000
$7,600/SF
Retail
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Players
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Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.08%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93