Paramount Group and a partner are purchasing the retail property at 1600 Broadway for more than $190 million, according to sources. The deal, when it closes, will be one of New York's largest retail transactions since the start of the pandemic.
The property, which houses M&M World, is being sold by Sherwood Equities. According to the Wall Street Journal, the 25,000-square-foot confectionery and gift shop will remain as the tenant under a lease that expires in 2036.
A Cushman & Wakefield team led by Doug Harmon, Adam Spies, Adam Doneger, Marcella Fasulo and Avery Silverstein arranged the transaction.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
