The Real Deal New York

Paramount sells 670 Broadway for more than $130M

Company sold it to German company Cara Investment GMBH
By Eddie Small | February 08, 2019 01:30PM

670 Broadway and Paramount Group CEO Albert Behler (Credit: Google Maps and Paramount Group)

Paramount Group’s on-again, off-again effort to sell 670 Broadway has finally ended in a deal.

The German company Cara Investment GMBH paid $130.5 million for the property, according to records filed with the city. The real estate investment trust spent several months in 2017 trying to sell the property for about $160 million, and brought the building back to market last year.

Paramount bought the property, which is also known as 0 Bond Street, back in 2015 for $112 million.

Cara could not be reached for comment, and Paramount did not respond to a request for comment.

A CBRE team of Darcy Stacom, Bill Shanahan and Ryan Spector represented Paramount Group in the deal.

Cara has no major renovation plans for the building and sees it as a long-term investment, according to Spector.

The property stands five stories tall and spans 75,000 square feet. It saw some legal troubles over the summer when the fitness studio operator Equinox sued Paramount for signing a lease with Equinox’s rival Bandier, a move Equinox said violated a provision of its lease in the building. However, the parties dropped the suit in August, according to court documents.