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.
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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.
