Paramount Building owners borrow $200M from JPMorgan Chase for 1501 Broadway in Times Square

The Paramount Building owners signed a loan agreement with lender JPMorgan Chase Bank valued at $200 million for 1 parcel, including the tax class office building tower type with 20 or more stories (O4) at 1501 Broadway in Times Square. The deal closed on December 12, 2019 and was recorded on December 19, 2019.
The property contains a total of 686,603 square feet of built space.
The average loan per buildable square foot is $291.
The Paramount entities were signed for by Maureen Mooney and Stanley Garber. The debt was increased by a $70 million gap mortgage over the $130 million in prior debt arranged by Cantor Commercial in 2013.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on July 20, 2012.
Over the past five years, there have been 102 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $1,459,000. There were 98 renovation/alteration projects (A2) applied for with a total estimated value of $33,148,301.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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