Aby Rosen has just added another iconic New York property to his prestigious collection. Known for developing the Seagram Building and Lever House, Rosen is now adding the Paramount Hotel to his collection in the hopes that it can regain its trendy appeal that it was known for in the 1980s.

It is speculated that Rosen’s firm paid $275 million for the 597-room hotel. The hotel originated in 1928 and was revolutionized into one of Manhattan’s most in vogue nightspots by then-owner Ian Schrager and designer Philippe Stark. The boutique-hotel was known for its offbeat design and chic décor. However, in more recent years, the Paramount seemed dated compared to newer Manhattan boutique-hotels.

The hotel went through a $40 million renovation in 2009. The “face-lift” featured a modernized lobby and a Paramount Bar with black-and-white photos and lavish red banquettes. This new acquisition for Rosen is typical to his buying history since its fits his personal style as he is known for his contemporary art collection.