NEW YORK CITY – Levin Management Corp. based in North Plainfield, New Jersey, and Manhattan-based Rosemark Management, Inc., an investment management and acquisition subsidiary of the Arthur G. Cohen Family Office, have secured a $200 million loan to finance the Paramount Building in Times Square. Law firm Shipman & Goodwin served as counsel on the deal.
Shipman &Goodwin negotiated the $200 million commercial mortgage-backed security loan from JP Morgan Chase Bank on behalf of the owner representatives.
Standing 33 stories tall at 391 feet, the office tower is located between West 43rd and 44th streets. The property was once home to the Paramount Theater and the headquarters of Paramount Pictures. The Paramount Building is known for its large clock topping the property.
Ownership recently pursued a $50 million capital improvement program that included the renovation of the office lobby on 43rd Street.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
