{"id":1004298518,"date":"2019-02-12T05:10:34","date_gmt":"2019-02-12T13:10:34","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004298518"},"modified":"2019-02-12T05:10:34","modified_gmt":"2019-02-12T13:10:34","slug":"paramount-group-sells-manhattan-building-for-130m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/paramount-group-sells-manhattan-building-for-130m\/","title":{"rendered":"Paramount Group Sells Manhattan Building for $130M"},"content":{"rendered":"
\"Zero<\/a>

Zero Bond St.<\/p><\/div>\n

The Paramount Group has completed the disposition of Zero Bond St., an approximately 75,000-square-foot mixed-use asset in Manhattan. With the assistance of CBRE, the REIT sold the office and retail property for $130.5 million to a buyer identified in New York City records as Frankfurt-based Cara Investment GmbH.<\/p>\n

Paramount had owned Zero Bond since late 2015, when the company purchased it from F.D.R. Industries for $112 million. Originally developed in 1873, the property was known as 670-674 Broadway until 2018, when Paramount completed a restoration project that included the relocation of the corner building\u2019s lobby to Bond Street.<\/p>\n

CBRE saw no shortage of interested buyers. \u201cInvestors were attracted to Zero Bond Street because it combined long-term cash flow with a hip NoHo location on the corner of Broadway and Bond Street, right next to NYU\u2019s campus,\u201d<\/em> Ryan Spector, a first vice president with CBRE, told Commercial Property Executive<\/em>.<\/p>\n

Zero Bond encompasses 41,000 square feet of retail space and 34,000 square feet of office accommodations and is fully leased. The five-story property\u2019s tenant roster features a handful of tenants, including clothing brand Bandier, social club Zero Bond and fitness center Equinox, which inked a lease for 29,000 square feet on four floors in 2015.<\/p>\n

Boutique allure<\/strong><\/h2>\n

According to CBRE, boutique assets like Zero Bond have been a strong draw for investors over the last few years. Transactions include APF\u2019s purchase of the 60,000-square-foot office building at 163 Varick St. for $65 million<\/a> and Eretz Group\u2019s acquisition of the 100,000-square-foot office property at 9 E. 40th St. for roughly $70 million. CBRE was involved in both transactions.<\/p>\n

Image courtesy of CBRE<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

With the assistance of CBRE, the company sold the 75,000-square-foot office and retail asset at Zero Bond St. to a German investor.<\/p>\n","protected":false},"author":969,"featured_media":1004298524,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,21752,1600,21742,10],"tags":[37536,32789,33601],"class_list":["post-1004298518","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-mixed-use","category-new-york","category-latest","category-northeast","tag-apf-properties","tag-cbre","tag-paramount-group-inc"],"acf":[],"yoast_head":"\nParamount Group Sells Manhattan Building for $130M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/paramount-group-sells-manhattan-building-for-130m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Paramount Group Sells Manhattan Building for $130M\" \/>\n<meta property=\"og:description\" content=\"With the assistance of CBRE, the company sold the 75,000-square-foot office and retail asset at Zero Bond St. to a German investor.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/paramount-group-sells-manhattan-building-for-130m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-02-12T13:10:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/02\/Zero-Bond-Street.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/paramount-group-sells-manhattan-building-for-130m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/paramount-group-sells-manhattan-building-for-130m\/\",\"name\":\"Paramount Group Sells Manhattan Building for $130M - 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