Paramount Group sold mixed use asset, Zero Bond in Manhattan to Cara Investment GmbH. CBRE assisted the seller in the sales transaction. Office and retail property sold for $130,5 million.
Ryan Spector, a first vice president with CBRE, said, “Investors 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’s campus.”
Zero Bond St. is an approximately 75,000-square-foot mixed-use asset in Manhattan. Paramount had owned Zero Bond since Constructed in 1873, the asset was known as 670-674 Broadway until 2018. The property involves 41,000 sqaure feet of retail space and 34,000 sqaure feet of office accommodations. Zero Bond is fully leased.
According to an article in CP Executive, CBRE said that boutique assets like Zero Bond have been a strong draw for investors over the last few years. Transactions include APF’s purchase of the 60,000-square-foot office building at 163 Varick St. for $65 million and Eretz Group’s acquisition of the 100,000-square-foot office property at 9 E. 40th St. for roughly $70 million. CBRE was involved in both transactions.
Source: CP Executive
Fulya Altunyay/ [email protected]