Busy Season at Paramount’s 1633 Broadway
Jotham Sederstrom May 17, 2011, 1:46 p.m.
The Germany-based Paramount Group is marketing a partial stake in its ownership of the 2.4 million-square-foot 1633 Broadway building in Times Square. The group, which recently added a 49 percent stake to its majority investment last month, is now seeking to flip a similar interest in a deal that might also include equity and part of the 49-story building’s mortgage.
Steve Kohn of Sonnenblock Goldman, Cushman & Wakefield’s debt structuring and recapitalization arm, is working on behalf of the Paramount Group to market a non-controlling stake in the building that could be valued at as much as $1 billion.