Shipman & Goodwin Counsel In $200 Million Financing of NYC Paramount Building

New York, NY – Shipman & Goodwin LLP was counsel to the ownership of the iconic Paramount Building in Times Square in the negotiation of a $200 million commercial mortgage-backed security (CMBS) loan from JP Morgan Chase Bank. Commercial real estate services firm Levin Management Corporation (LMC) of North Plainfield, N.J., and Manhattan-based Rosemark Management, Inc., the investment management and acquisition vehicle for the Arthur G. Cohen Family Office, serve as owner representatives for the property.

The 33-story, 391-foot office tower, located between West 43rd and 44th Streets, once housed the Paramount Theatre as well as the headquarters for Paramount Pictures. The Paramount Building is known for its large clock near the top of the structure. Ownership recently completed a $50 million capital improvement program that included a new office lobby entrance on 43rdStreet. The deal closed on December 12, 2019.

The Shipman deal team was led by Shipman partners Kent S. Nevins and Lisa M. Zana, whose practices focus on the representation of large-scale commercial real estate projects with a national scope, and included attorneys, Robert E. Grady, Andrew N. Davis, Miriam Godfrey Lewis and Marc R. Esterman.