Paramount Hotel New York – Status, History and Facts

The Paramount Hotel occupies a pivotal position in Times Square’s architectural heritage, standing at 235 West 46th Street as a 597-room property that has weathered nearly a century of Manhattan’s evolution. Designed by theater architect Thomas W. Lamb and opened in 1928, the building combines French Renaissance exterior grandeur with interiors that underwent radical reinvention during the late 1980s.

Current operational status remains ambiguous in available documentation. While the hospitality industry faced widespread disruptions in 2020, specific records confirming a closure of this specific property are not present in the provided research. Available sources indicate continued operation under RFR Realty ownership, though recent booking data and guest activity reports remain unverified.

Verified ownership records, landmark designations, and architectural histories establish what is factually certain about the property’s origins, transformations, and present condition.

Is the Paramount Hotel New York Still Open?

• No confirmed documentation of a 2020 COVID-19-specific closure appears in available city records or filings
• Property reportedly maintains 597 rooms under RFR Realty ownership according to recent sources
• Designated New York City landmark on November 17, 2009 (LP-2342)
• Original 1928 construction cost $3.5 million developed by 235 West 46th Street Company
• Ian Schrager and Steve Rubell oversaw 1988-1990 renovation costing $31.3 million
• No 2024 redevelopment plans or construction permits found in public records
• Basement formerly housed Billy Rose’s Diamond Horseshoe nightclub (now Sony Hall)

Where Is the Paramount Hotel New York Located?

The property sits at the intersection of 8th Avenue and 46th Street in Manhattan’s Theater District, occupying a footprint that includes nine retail spaces along 46th Street. Thomas W. Lamb’s design positioned the hotel as one of the first hospitality establishments in the immediate Times Square area, featuring an air-conditioned grill room for entertainment and an intimate 22-seat dining room.

The location places it within the historic district characterized by early 20th-century theatrical architecture. Landmark designation documents highlight the building’s limestone base, terra-cotta trim, and multi-pane windows as evoking the elegance of 1920s Times Square.

What Is the History of the Paramount Hotel NYC?

Construction and Early Operations

Development began in 1926 when Isidore Zimmer, Samuel Resnick, and Frank Locker acquired the lots. Thomas W. Lamb, renowned for theater design, created a 700-room structure with Spanish Renaissance lobby elements and a mezzanine level.

Financial difficulties emerged quickly. Chase National Bank foreclosed on the property in 1933, leading to a 1935 auction where the hotel sold for $500,000. The basement later became home to Billy Rose’s Diamond Horseshoe nightclub in 1938, which boosted the property’s cultural profile through the mid-20th century.

The Schrager-Starck Transformation

By the 1980s, Times Square’s decline had affected the hotel’s condition. In 1986, Philip Pilevsky and Arthur G. Cohen purchased the building for $30-35 million, delegating operations to Studio 54 founders Ian Schrager and Steve Rubell. They closed the property in 1988 for an 18-month renovation costing $31.3 million.

Philippe Starck redesigned interiors with bold mismatched furniture, dark walls, leather couches, and a prominent glass-banistered staircase. The lobby became noted for its theatrical, sleek aesthetic described as a “time capsule of late-20th century chic.” The Whiskey Bar opened in 1991, followed by Brasserie des Theatres in 1992.

Recent Ownership and Renovations

Schrager sold the hotel in 2004 for $126 million to a joint venture including Becker Ventures LLC, Sol Melia Hotels & Resorts, and Hard Rock Cafe. Plans for a Hard Rock rebrand dissolved in 2006. Aby Rosen purchased the property in 2011 for $275 million, subsequently investing $40 million in lobby and public space renovations between 2009 and 2013.

The New York City Landmarks Preservation Commission designated the exterior a city landmark in 2009, citing its intact French Renaissance facade and historical association with Times Square’s theatrical development.

What Are the Redevelopment Plans for the Paramount Hotel Site?

Available public records contain no confirmed redevelopment proposals for 2024. The New York City Department of Buildings and associated filing systems show no recent applications for major construction or change of use for the 235 West 46th Street address.

RFR Realty maintains ownership according to the most recent verified data, though the exact nature of current operations remains unclear. Industry observers note that the property’s landmark status restricts exterior modifications, while interior renovations would require permits not currently evident in public databases.

How Did the Paramount Hotel Evolve Over Time?

1. 1926: 235 West 46th Street Company acquires development lots
2. 1928: Hotel opens with 612-700 rooms and nine retail shops
3. 1933: Chase National Bank forecloses on the property
4. 1935: Property sells at auction for $500,000
5. 1938: Billy Rose’s Diamond Horseshoe nightclub opens in basement
6. 1986: Purchased by Pilevsky and Cohen; Schrager/Rubell assume operations
7. 1989-1990: Renovation by Philippe Starck; gradual reopening
8. 2004: Sold for $126 million to Becker Ventures/Hard Rock consortium
9. 2009: Designated New York City Landmark (LP-2342)
10. 2011: Aby Rosen acquires property for $275 million
11. 2013: Completion of $40 million lobby renovation

What Is Confirmed About the Paramount’s Current Status?

What Role Did the Paramount Play in Times Square’s Transformation?

The hotel’s trajectory mirrors Times Square’s broader economic cycles. Its 1928 opening represented the district’s early hospitality infrastructure, serving theater audiences during Broadway’s golden age. The 1930s foreclosure and subsequent auction reflected Depression-era financial instability affecting Midtown real estate.

The 1990 Schrager-Starck renovation coincided with the city’s aggressive cleanup of Times Square, positioning the hotel as a fashionable destination that helped legitimize the area’s redevelopment. The property’s ability to double occupancy during this period demonstrated the viability of high-design hospitality in a district previously known for crime and urban decay.

International travelers planning visits to historic New York properties should review current entry requirements, such as Irish Passport Warnings for Travelers, before finalizing itineraries.

What Do Primary Sources Reveal About the Property?

Verification efforts reveal gaps in recent documentation. The New York City Landmarks Preservation Commission maintains detailed 2009 designation records regarding the building’s architectural significance, including original construction materials and facade measurements.

However, city databases and hospitality registries lack clear records regarding operational changes after 2013. The absence of Department of Buildings filings for renovation or demolition permits suggests the structure remains physically intact, while the lack of recent hospitality licensing updates leaves current management practices undocumented.

What Should Visitors Know About the Paramount Hotel Today?

The Paramount Hotel remains a designated landmark at 235 West 46th Street with an uncertain operational status as of the most recent available records. While historical documentation confirms its 1928 origins, 1990s renovation by Philippe Starck, and 2009 landmark designation, current booking availability and guest services remain unverified. Those researching financial services for travel may find the Bank of Ireland Branch Finder useful for locating banking facilities.

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