Transfer taxes value 7 Manhattan buildings Rithm Capital bought from Paramount at $3.56B

Rithm Capital through the entity Rithm Pgre Nominee I LLC acquired through an entity level purchase from Paramount Group through the entity Partners Of Paramount Group Operating Partnership, ownership stakes in seven Manhattan commercial properties including the office building (O4) at 1633 Broadway in Midtown West, Manhattan, office building (O4) at 1301 Avenue of the Americas in Midtown West, Manhattan, and the office building (O4) at 141 West 53rd Street in Midtown West, Manhattan. The expected use is cash flowing.
The valuation is based on the transfer tax paid, which was $93.5 million.
The deal closed on December 19, 2025 and was recorded on January 16, 2026. The seven properties have 6,463,700 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $551 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.)
This is not considered a valid comparable because we don’t have the percent sold for each property and this was the purchase of a company, not individual building purchases.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 1631 Broadway.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Rithm Capital had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Paramount Group had not purchased any other properties and had not sold any properties over the same time period. Out of the seven properties, three with a total of 6,463,700 square feet of built space generated revenue of $332 million per year.
The Real Deal reported on December 17, 2025 on Rithm Capital’s $1.6 billion purchase of Paramount Group.

The property

The office building in Midtown West has 6,463,700 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 201 feet and is 450 feet deep with a total lot size of 90,400 square feet. The lot is irregular. The zoning is C6-7 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 $1.1 billion.

Violations and lawsuits

The properties were involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $1.4 million money judgment concerning a garage lease filed on December 6, 2024, by Paramount Group against ABM Parking Services. In addition, according to city public data, the properties have received $2,500 in ECB penalties and $36,155 in OATH penalties in the last year.

Development

For the tax lot buildings, four out of the seven buildings received a initial certificate of occupancy in the last ten years. On these lots, there is one active major alteration construction project, M00691897, for a 1,482,208 square-foot B building. The project was submitted by Katie Kindbergh with plans filed March 30, 2022 and permitted May 3, 2023.

The neighborhood

In Midtown West, The majority, or 75 percent of the 75.9 million square feet of commercial built space are office buildings, with hotel buildings next occupying 14 percent of the space. In sales, Midtown West has the 4th highest sale turnover among other neighborhoods in the city with $2.2 billion in sales volume in the last two years. For development, Midtown West is the 2nd most active neighborhood among other neighborhoods. It had 38.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 51 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 the tax block of 1631 Broadway, PincusCo has identified the owners of three of the seven commercial properties representing 2,670,969 square feet of the 2,857,672 square feet. The largest owner is Paramount Group, followed by Nesor Associates and then Hersel Torkian.
There are no active new building construction projects on this tax block.

The majority, or 89 percent of the 2.9 million square feet of built space are office buildings, with elevator buildings next occupying 8 percent of the space.

The seller

The PincusCo database currently indicates that Paramount Group owned at least seven commercial properties in New York City with 7,073,134 square feet and a city-determined market value of $2.7 billion. (Market value is typically about 50% of actual value.) The portfolio has $3 billion in debt, with top three lenders as Goldman Sachs, Morgan Stanley, and Wells Fargo respectively. Within the portfolio, all identified are office properties. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Rithm Capital owned at least one commercial property in New York City with 753,137 square feet and a city-determined market value of $245.1 million. (Market value is typically about 50% of actual value.) The portfolio has $25 million in debt, borrowed from JPMorgan Chase. The portfolio consists of at least a single office property. It is located in Manhattan.

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