Paramount signs new $120M loan with New York Life for office in Midtown East

Paramount Group through the entity 900 Third Avenue, L.P. as borrower signed a new loan with lender New York Life Insurance Company valued at $120 million for the office building (O4) at 900 Third Avenue in Midtown East, Manhattan.
The deal closed on December 1, 2025 and was recorded on December 3, 2025. The property has 516,710 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $232 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Paramount Group was Richard Reczka .

Prior sales and revenue

The 516,710-square-foot property generated revenue of $29.7 million or $57 per square foot, according to the most recent income and expense figures.

The property

The office building in Midtown East has 516,710 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 151 feet and is 120 feet deep with a total lot size of 16,905 square feet. The lot is irregular. The zoning is C6-6 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $148.9 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $9,890 in ECB penalties and $9,890 in OATH penalties in the last year.

The neighborhood

In Midtown East, The majority, or 81 percent of the 62.6 million square feet of commercial built space are office buildings, with hotel buildings next occupying 7 percent of the space. In sales, Midtown East has the 2nd highest sale turnover among other neighborhoods in the city with $3.9 billion in sales volume in the last two years. For development, Midtown East is the 3rd most active neighborhood among other neighborhoods. It had 17.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 28 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 11 of the 20 commercial properties representing 1,465,314 square feet of the 1,627,839 square feet. The largest owner is Paramount Group, followed by Rudin Management and then MRP Realty.
There are no active new building construction projects on this tax block.

The majority, or 78 percent of the 1.6 million square feet of built space are office buildings, with elevator buildings next occupying 19 percent of the space.

The borrower

The PincusCo database currently indicates that Paramount Group owned at least eight commercial properties in New York City with 7,826,271 square feet and a city-determined market value of $3 billion. (Market value is typically about 50% of actual value.) The portfolio has $2.9 billion in debt, with top three lenders as Goldman Sachs, Wells Fargo, and Morgan Stanley respectively. Within the portfolio, all identified are office properties. They are all located in Manhattan.

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