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New York

Sherwood, Paramount score $210M for 440 Ninth Avenue

Acquisition is Japanese firm's first in New York City

From left: CBRE's William Shanahan, 440 Ninth Avenue and CBRE's Darcy Stacom
From left: CBRE's William Shanahan, 440 Ninth Avenue and CBRE's Darcy Stacom

Japanese real estate investment firm Jowa Holdings has broken into the Manhattan market with its first buy — a $210 million acquisition of a 400,000-square-foot Midtown West building.

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Sherwood Equities and Paramount Group jointly owned the almost fully leased, 18-story property at 440 Ninth Avenue Near 35th Street. B&H Photo, a seller of photo equipment, is one of the tenants. CBRE brokers Bill Shanahan and Darcy Stacom represented the sellers, Crain’s reported.

Sherwood and Paramount bought the site for $160 million in 2008. They put it on the market in September, shortly after selling the nearby 350-366 10th Avenue, a vacant parcel occupying a full block between Dyer Avenue and West 31st Street, to former Los Angeles Dodgers owner Frank McCourt for $167 million, as previously reported. [Crain’s] — Mark Maurer

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Bill ShanahanCBREDarcy StacomParamount GroupSherwood Equities