Rosen’s RFR looks to sell Paramount Hotel

Asking price could be in the $350 million to $400 million range

TRD New York /
May.May 18, 2015 08:00 AM

Aby Rosen’s RFR Holding is looking to sell the Paramount Hotel in Times Square.

RFR bought the property at 235 West 46th Street in 2011 for $275 million, according to the Wall Street Journal. The building includes 597 rooms and RFR renovated the Diamond Horseshoe supper club as well as the guest rooms and other areas for $50 million. It’s unclear what the asking price is, but a person familiar with the matter told the newspaper that the iconic 1928 hotel could fetch between $350 million and $400 million.

JLL will market the building.

“Long term, New York will always be a sought-after tourism and investment market,” JLL Managing Director Jeffrey Davis told the newspaper. “(It’s) a real value for an investor to come in and reap rewards from what RFR has done to the property.”

Earlier this year, Rosen bought the former Germania Bank building at 190 Bowery for $55 million. [WSJ, 1st] — Claire Moses


Related Articles

arrow_forward_ios
From left: G.H. Palmer's Geoffrey Palme, RFR Holdings' Aby Rosen, Macklowe Properties' Harry Macklowe, Thor Equities' Joseph Sitt and Ellicott Development's Carl Paladino (Getty, iStock)

Harry Macklowe, Aby Rosen and Joe Sitt among 6,500+ developers, landlords who got PPP bucks

Harry Macklowe, Aby Rosen and Joe Sitt among 6,500+ developers, landlords who got PPP bucks
The Seagram Building at 375 Park Avenue with a photo illustration of RFR's Aby Rosen (Getty, Google, iStock)

Aby Rosen to build sprawling gym in Seagram Building

Aby Rosen to build sprawling gym in Seagram Building
Aby Rosen and Lever House at 390 Park Avenue (Credit: Getty Images, Google Maps)

Aby Rosen hands over Lever House to Tod Waterman and Brookfield

Aby Rosen hands over Lever House to Tod Waterman and Brookfield
Aby Rosen of RFR Realty and the Chrysler Building (Getty; iStock)

Aby Rosen is bringing back the Chrysler Building’s observation deck

Aby Rosen is bringing back the Chrysler Building’s observation deck
Beny Steinmetz and a rendering of The XI at 76 11th Avenue (JACK GUEZ/AFP via Getty Images; BIG)

Mining company asks court to reveal Beny Steinmetz’s NYC real estate plays

Mining company asks court to reveal Beny Steinmetz’s NYC real estate plays
Aby Rosen and the Chrysler Building (Credit: Lev Radin/Pacific Press/LightRocket via Getty Images)

Aby Rosen seeks to rework Chrysler Building ground lease

Aby Rosen seeks to rework Chrysler Building ground lease
RFR Realty’s Aby Rosen with 1600 Broadway and 900 Third Avenue (Credit: Getty Images, Google Maps)

Aby Rosen ditches $600M in building buys

Aby Rosen ditches $600M in building buys
The Chrysler Building and Aby Rosen (Credit: Rosen by Sean Zanni/Patrick McMullan via Getty Images)

Retail tenants disappearing from Chrysler Building

Retail tenants disappearing from Chrysler Building
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...