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.
Cushman & Wakefield declines to comment on the deal.
Property sales continue to close in the metro area, perhaps spurred on by the looming year’s end.
SL Green has sold several properties recently and Black Spruce Management is in contract to buy the American Copper Buildings, a pair of luxury apartment towers in Manhattan’s Murray Hill, for $850 million.
In another deal, Sergey Rybak of Rybak Development has acquired 656-660 Lexington Avenue, a corner development site that totals 52,900 buildable square feet. The final sale price was $24 million, or $452 per buildable square foot.
Cushman & Wakefield’s Will Conrad and Damani Strasner represented the seller in that transaction.
“656-660 Lexington Avenue is a prime corner development site in Midtown Manhattan,” said Conrad in prepared remarks. “This is one of the first major development site deals in the area since the beginning of the pandemic, a sign that developers are still betting on New York City and are confident in its rebound.”