Aby Rosen’s RFR Realty has secured a $130 million loan on the historic Paramount Building at 1501 Broadway in Times Square. RFR will reposition the 32-story, 782,230-square-foot tower with the funds, which were provided by SL Capital and brokered by Meridian Capital Group.
The deal closed earlier this year, SL Capital said in a release yesterday.
“The Paramount is not only a New York landmark, it’s a thriving office and retail center with great potential,” said SL Capital CEO Constantine Scurtis in a statement yesterday. “We see this as an excellent opportunity to participate in the vibrancy of Times Square.”
Rosen recently replaced Highgate Holdings with Interstate Hotels & Resorts as the manager at the hotel, in a bid to boost profits. — Hiten Samtani