Paramount gets $90M loan for Noho’s 670 Broadway

Albert Behler’s firm plans to lease up mostly vacant office property

Paramount Group's Albert Behler and 670 Broadway in Noho
Paramount Group's Albert Behler and 670 Broadway in Noho

The Paramount Group secured a $90 million loan Wednesday in an effort to close its $112 million purchase of a five-story Noho Office Building Along Broadway.

Bank of America provided financing for the acquisition and a repositioning of the 77,500-square-foot Class A building at 670-674 Broadway, near Bond Street. Paramount’s real estate equity fund signed a contract in July to buy the property from Jay Deutsch’s F.D.R. Industries, which owned it since 1971.

Stolly Appel

From left: Dustin Stolly and Aaron Appel

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Sources said the purchase is a “lease-up play,” since the building is nearly vacant.

Advertising-technology firm Simulmedia has an office on the second floor, and photojournalism space Leica Gallery, co-directed by Deutsch, occupies the ground floor.

JLL’s Dustin Stolly, Aaron Appel and Aaron Niedermayer brokered the financing. Stolly said the buyer-to-be received more than a dozen proposals from lenders.

The Midtown-based office landlord, led by Albert Behler, raised $2.29 billion in the largest-ever public offering for a U.S. real estate investment trust. Paramount also owns trophy office buildings such as 1633 Broadway and 1301 Sixth Avenue.

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