Argent Ventures is a privately held real estate company based in New York City that owns the land under Grand Central Terminal and the land around 156 miles of Metro-North Railroad railway tracks in the New York City metropolitan area.
Among other high profile buildings currently owned are:
- Capitol Records Tower in Hollywood, California (bought from British record company EMI in 2006)
- Omni International Mall in Miami, Florida (the company received permission in March 2007 to redevelop into a complex of six towers between 58 and 65 floors)
The company was spun off in 1996 from by Andrew S. Penson from Amroc Investments which specializes in turning around distressed properties.
Two of its earlier properties that have since been sold included:
- Chrysler Building in New York (minority interest)
- Manhattan Mall in New York
Grand Central Deal
In the breakup of the Penn Central Railroad in 1976, the land under Grand Central and its associated tracks continued to be owned by Penn Central Corporation but leased to what became the Metropolitan Transportation Authority. Penn Central as a holding company changed its name to American Premier Underwriters in March 1994. It in turn was absorbed by the American Financial Group.
On December 6, 2006, the United States Department of Transportation announced Midtown TDR Ventures LLC had purchased the rights from American Financial.
As part of the transaction the lease with the MTA was renegotiated through February 28, 2274.
The New York Post on July 6, 2007, reported that Midtown TDR is controlled by Penson and Venture. The Post notes that the MTA which will pay $2.24 Million in rent in 2007 has an option to buy the station and tracks in 2017 although Argent could extend the date another 15 years to 2032. The big attraction to Venture are the development air rights it controls above the tracks.
- ^ Argent Venture’s $1 Billion Omni Plans Approved! – Boom of Bust Miami – March 29, 2007
- ^ Argent Ventures, a locally based private real estate investment company, awarded Shopco Advisory Corp. the management contract for New York City’s landmark Manhattan Mall – Shopping Center World – September 2001
- ^ SURFACE TRANSPORTATION BOARD DECISION DOCUMENT – December 6, 2006
- ^ Air Rights Make Deals Fly – New York Post – July 6, 2007
Grand Central’s Flesh-and-Blood Landlord
By SAM ROBERTSThere is some confusion over whether Andrew S. Penson had even been invited to the gala celebration of Grand Central Terminal’s centennial on Friday night. Regardless, Mr. Penson says characteristically, he will be the man who didn’t come to dinner.
Ordinarily, the balding 52-year-old Mr. Penson might barely be noticed at such a star-studded event, much less missed. But his absence from the terminal’s birthday dinner, at the Oyster Bar, will strike New Yorkers in the know as a particularly glaring omission.
After all, Mr. Penson owns Grand Central.
http://cityroom. blogs.nytimes. com/2013/ 01/29/grand- centrals- flesh-and- blood-landlord/ ?ref=nyregion
Gary R. Kazin
DL&W Milepost R35.7
Rockaway, New Jersey
4 thoughts on “Who Owns Grand Central Terminal in NY City?”
Reblogged this on Ancien Hippie.
Reblogged this on The Arts Mechanical and commented:
Like most real estate in NYC the ownership of Grand Central is “complicated.”
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