Anonymous buyer pays $92M to Magna for hotel in Midtown West

An anonymous buyer in care of Arnold & Porter Kaye Scholer through the entity TSN 46th LLC paid $92 million to Magna Hospitality Group through the entity Ny 46 LLC for the Hilton Garden Inn New York Times Square North hotel building (H6) at 30 West 46th Street in Midtown West, Manhattan. The expected use is cash flowing.
The deal closed on September 30, 2025 and was recorded on October 7, 2025. The property has 126,000 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $730 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on September 24, 2021, for $88.5 million. The signatory for Magna Hospitality Group was Gregory Weingart . The signatory for Arnold & Porter Kaye Scholer registered was Gregory Weingart . The contract date was September 30, 2025. CoStar reported the buyer group included unnamed “large institutional owners” as well as a Magna Hospitality Group fund, but one separate from the fund that sold, and this was part of a four-hotel package.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer in care of Arnold & Porter Kaye Scholer purchased two properties in two transactions for a total of $237.3 million and has no record it sold any properties over the past 24 months.
The seller Magna Hospitality Group purchased one property in one transaction for a total of $143.9 million and sold one property in one transaction for a total of $168.6 million over the same time period. The 126,000-square-foot property generated revenue of $21.4 million or $170 per square foot, according to the most recent income and expense figures.

The property

The hotel building in Midtown West has 126,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 6,024 square feet. The zoning is C6-4.5 which allows for up to 12 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $32.9 million. KSL Capital Partners on September 24, 2021 bought a loan with an original principal of from signed by Gregory Weingart, secured by 30 West 46th Street, when owned by Magna Hospitality Group.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received one DOB violation and $2,590 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on October 28, 2015. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Midtown West, The majority, or 75 percent of the 75.9 million square feet of commercial built space are office buildings, with hotel buildings next occupying 14 percent of the space. In sales, Midtown West has the 3rd highest sale turnover among other neighborhoods in the city with $2.1 billion in sales volume in the last two years. For development, Midtown West is the 2nd most active neighborhood among other neighborhoods. It had 39.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 52 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other hotel buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of eight of the 27 commercial properties representing 521,840 square feet of the 1,309,332 square feet. The largest owner is Joseph Stavrach, followed by Magna Hospitality Group and then Afiaa.
There are no active new building construction projects on this tax block.

The majority, or 75 percent of the 1.3 million square feet of built space are office buildings, with hotel buildings next occupying 13 percent of the space.

The seller

The PincusCo database currently indicates that Magna Hospitality Group owned at least six commercial properties in New York City with 948,460 square feet and a city-determined market value of $361.5 million. (Market value is typically about 50% of actual value.) The portfolio has $996.9 million in debt, with top three lenders as KSL Capital Partners, PIMCO, and Blackstone Group respectively. Within the portfolio, all identified are hotel properties. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Arnold & Porter Kaye Scholer Registered owned at least four commercial properties with 320 residential units in New York City with 591,291 square feet and a city-determined market value of $185.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are hotel properties. They are all located in Manhattan.

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