- Posted at 2:40, December 12, 2013
- By Russ Bleemer
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.