Paramount Selling 0 Bond Street Mixed-Use Building
Market expert says the Noho property will likely fetch between $140 million and $160 million
By Nicholas Rizzi September 20, 2018 9:00 am
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Paramount Group has put up its five-story 0 Bond Street building on the market today, Commercial Observer has learned.
The owner tapped CBRE (CBRE) to market the 77,500-square-foot building, also known as 670-674 Broadway, between Broadway and Lafayette Street, according to a source with knowledge of the plans.
The source declined to specify a target sale price, and said it “will let the market dictate what the price is.”
Putting the building up for sale comes after Paramount recently settled its a lawsuit with tenant Equinox after the gym sued Paramount because Paramount signed a lease for 27,500 square feet in 0 Bond Street with rival fitness club Bandier, the source said.
Equinox—which sealed its lease in 2015 and pays $3.6 million in rent per year—claimed in the June suit that Paramount leasing space to Bandier violated a provision in Equinox’s agreement with Paramount, The Real Deal reported.
The source would not give more details on the terms of the settlement, but said both Equinox and Bandier will keep their spaces in 0 Bond Street. A spokeswoman for Equinox did not immediately respond to a request for comment.
A spokesman for Paramount declined to comment.
Paramount bought 0 Bond Street in 2015 for $112 million and it’s currently 98 percent occupied, according to a source.
A source with knowledge of the market, who’s not involved in the deal, said since Paramount bought it during an upswing and the market has fallen, the property could fetch between $140 million and $160 million.
It’s unclear who at CBRE is marketing the building and a spokeswoman for the brokerage did not immediately respond to a request for comment.
