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Deals & Dealmakers

New York Residence extends lease at the Paramount Building

Real estate brokerage firm New York Residence has extended its lease at the Paramount Building at 1501 Broadway.

The firm, which will occupy 4,000 s/f at the tower’s top floor, will stay in the building for six more years. According to Richard Pino, New York Residence’s CFO, the asking price was in the “low $60s” per s/f.

The company’s headquarters has been in the 31-story tower for the past 11 years. It has three offices in New York City as well as outposts in Seoul and Shanghai.

“Remaining in the hub of New York City further validates our priority to make New York properties widely accessible to clients around the globe,” said Thomas Guss, the firm’s president. “Given the historical reemergence of Times Square coupled with the building’s prime location allows us to continue gaining international exposure in this dynamic market.”

The building, owned by a joint venture between Levin Properties and the estate of Arthur Cohen, was once the home of Paramount Pictures. When it was built in 1927, it was the tallest building in Times Square. The tower, which has been designated as a landmark, currently contains offices for engineering firm Hardesty and Hanover and Broadway theater operator Nederlander Organization. The building is currently undergoing a $50 million renovation that would move its lobby from Broadway to West 43rd Street.

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