Iconic Property a Retail Leasing Bright Spot; New Commitments Secure Full Occupancy
The Paramount Building’s legacy as the go-to destination for dining in Times Square is well established. For decades, this iconic address has served as home to Hard Rock Café, Bubba Gump Shrimp Co., Carmine’s and the Star Lite Deli. Last year, Taco Bell Cantina joined them. Now, two more high-profile brands – Fireman Hospitality Group’s Brooklyn Delicatessen and Louisiana-based Raising Cane’s Chicken Fingers – have brought the landmark property’s 100,000-square-foot retail component to full occupancy.
The 33-story office tower, located at 1501 Broadway between 43rd and 44th streets, was built in 1926 as the East Coast headquarters of Paramount Pictures. Levin Management Corporation (LMC) and Rosemark Management serve as owner representatives for The Paramount Building, where the in-place dining tenants are reporting the return of strong sales even as the industry still faces pandemic-fueled challenges.
“Times Square is one of the most recognized destinations in the world, and the Paramount Building punctuates this Midtown Manhattan neighborhood,” said LMC’s Matthew K. Harding, chief executive officer. “Our restaurant tenants’ success in weathering the pandemic and finding renewed momentum, and the leasing achievements that brought new deals to fruition – all during a highly disruptive period – demonstrate the significance of the Paramount Building’s position. Great things are happening at 1501 Broadway, which is a positive signal for the larger marketplace.”
Charles L. Rosenberg, managing partner of Rosemark Management, added: “Having two high-caliber concepts like Brooklyn Delicatessen and Raising Cane’s choose the Paramount Building speaks to the prosperity restaurants enjoy here, and serves as a clear vote of confidence in both this property and the Bowtie as a dining destination. Restaurants enjoy long tenures at the Paramount Building, and we work in partnership with these tenants to support their needs and help their businesses thrive. It has been a pleasure to work with Fireman Hospitality Group and Raising Cane’s, and we look forward to continuing our partnership into the future.”
Brooklyn Delicatessen, set to open later this year, will be the upscale, fast-casual concept’s second location. The new restaurant already is generating enthusiasm as a welcome amenity for Paramount Building office tenants and Times Square visitors alike. It continues Fireman Hospitality Group’s focus on New York City’s entertainment centers; industry veteran Shelly Fireman, an icon in his own right, heads the highly regarded company behind hot-spots like Bond 45, Cafe Fiorello, Redeye Grill and Trattoria Dell’Arte.
The Paramount Building’s most recent lease – with Raising Cane’s, a fast-growing, highly popular chain of quick-service restaurants offering chicken finger meals and a positive vibe – completes the property’s selective retail retenanting. The Louisiana-based company, founded in 1996, today operates more than 500 locations throughout the country. The Times Square restaurant will feature an experiential dining model, with food, merchandise and more.
The restaurant additions follow a major reinvestment in the Paramount Building’s office component. At the center of the $50 million program, an award-winning lobby redesign and relocation moved the building’s main entrance from Broadway to 43rd Street.
About Rosemark Management
Manhattan-based Rosemark Management, Inc. is the investment management and acquisition vehicle for the Arthur G. Cohen Family Office (AGC). AGC’s diversified holdings include ownership interests in over 5 million square feet of office, retail, residential, senior living and industrial real estate properties across the United States.
About Levin Management Corporation (LMC)
For seven decades, North Plainfield, N.J.-based LMC has served as a trusted single-source commercial real estate services provider for institutional and private owners. The firm today maintains a diversified, retail-focused portfolio of 120 properties totaling almost 16 million square feet in the Northeast and Mid-Atlantic states.
