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Rosen’s RFR looks to sell Paramount Hotel
Asking price could be in the $350 million to $400 million range
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