Paramount Group borrows $1.25B from Goldman Sachs, others for property in Midtown West

Paramount Group through the entity Pgref I 1633 Broadway Tower, L.P. as borrower signed a loan agreement with lender Goldman Sachs Bank USA and others valued at $1.25 billion for 1 parcel, including the tax class office building tower type with 20 or more stories (O4) at 1633 Broadway in Midtown West. The deal closed on November 1, 2019 and was recorded on December 4, 2019.
The property contains a total of 2,438,059 square feet of built space.
The average loan per buildable square foot is $513.
The loan includes $200 million in new debt. The loan was arranged by Eastdil Secured, according to Commercial Real Estate Direct. The loan pays off $1.05 billion provided by a group led by Helaba.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on July 18, 2012.
Over the past five years, there have been 148 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 148 renovation/alteration projects (A2) applied for with a total estimated value of $140,898,241.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link