Who's New on Ninth Avenue?

Sherwood Equities Inc. and Paramount Group sold 440 Ninth Avenue, between W. 34 and W. 35th Sts., to a Japanese real estate investment company.

Tokyo's Jowa Holdings Co. Ltd. bought the 400,000-square foot  building for about $210 million. The company develops real estate and hotels in Japan; the Ninth Avenue purchase appears to be its first U.S. transaction. Sherwood and Paramount have owned it for nearly six years.  

It’s the home of B+H Photo; Crain’s New York Business, which first reported the deal this afternoon HERE, says the retailer has a long-term lease.  

It’s Sherwood’s second sale in the shadow of the Hudson Yards development in recent months. In September, it sold a site on Tenth Avenue at West 31st Street for $167 million to Frank McCourt, who once owned the Los Angeles Dodgers.  Crain’s says that Sherwood only paid about $40 million for the site in 2011.

 

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