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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](https://static.therealdeal.com/wp-content/uploads/2013/09/William-Shanahan-440-9th-ave-and-darcy-stacom.gif)
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.
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