Aronov Development buys $44.5M note secured by Paramdeep Singh’s Midtown West hotel
59 West 46th Street (Credit - Cyclomedia)
Aronov Development through the entity YS West 47 Loan Holder LLC bought a note with an original principal of $44.5 million from Yellowstone Real Estate Investments secured by Paramdeep Singh’s Hotal @Times Square building (H3) at 59 West 46th Street in Midtown West, Manhattan.
The deal closed on June 25, 2025 and was recorded on July 21, 2025. The prior lender was Yellowstone Real Estate Investments which held debt that had an original loan amount of $44.5 million.The property has 100,678 square feet of built space and 17,775 square feet of additional air rights for a total buildable of 118,500 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $zero and the price per buildable square foot is $zero 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 owner bought the property on February 11, 2022, for $59.5 million. The signatory for Paramdeep Singh was Paramdeep Singh. The signatory for Aronov Development was Boris Aronov .
Aronov financed the purchase of the note with a $36.17 million loan from Yellowstone, memorialized in a collateral assignment of loan.
Latest Paramdeep Singh Stories:
• Yellowstone files $44.5M pre-foreclosure at Midtown West hotel refinanced in 2023 (May 19, 2025)
• W Financial files $16.75M pre-foreclosure at Midtown West hotel (June 05, 2024)
Prior sales and revenue
The owner according to the Department of Housing Preservation and Development is Nicole McLean, head officer. The business entity is Wented Realty Corp. The 100,678-square-foot property generated revenue of $15.3 million or $152 per square foot, according to the most recent income and expense figures.
The property
The hotel building in Midtown West has 100,678 square feet of built space and 17,775 square feet of additional air rights for a total buildable of 118,500 square feet according to a PincusCo analysis of city data. The parcel has frontage of 55 feet and is 200 feet deep with a total lot size of 11,850 square feet. The lot is irregular. 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 $36.7 million. The most recent loan totaled $44.5 million and was provided by Yellowstone Real Estate Investments on February 28, 2023.
Violations and lawsuits
The property was involved in two lawsuits and zero bankruptcies over the past two years. The highest value suit was a $44.5 million commercial foreclosure concerning a loan filed on May 16, 2025, by Yellowstone Real Estate Investments against Paramdeep Singh, Manmeet Singh, and Virendra Jhaveri. In addition, according to city public data, the property has received nine DOB violations, $27,230 in ECB penalties, nine housing violations, and $35,725 in OATH penalties in the last year.
Development
For the tax lot building, it received its initial certificate of occupancy on July 20, 2012. 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 $2.5 billion in sales volume in the last two years. For development, Midtown West is the 2nd most active neighborhood among other neighborhoods. It had 35.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 46 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 32 of the 41 commercial properties representing 1,139,619 square feet of the 1,198,913 square feet. The largest owner is Northwood Investors, followed by Extell Development and then Alishaev Brothers.
On the tax block, there was one new building construction project filed totaling 752,759 square feet. It is a 752,759 square-foot 56 building submitted by Extell Development and filed by David Rothstein with plans filed September 6, 2024 and permitted February 26, 2025.
The majority, or 78 percent of the 1.2 million square feet of built space are office buildings, with hotel buildings next occupying 8 percent of the space.
The borrower
The PincusCo database currently indicates that Paramdeep Singh owned at least two commercial properties in New York City with 127,928 square feet and a city-determined market value of $41.9 million. (Market value is typically about 50% of actual value.) The portfolio has $98.3 million in debt, with top three lenders as Yellowstone Real Estate Investments, Benefit Street Partners, and W Financial respectively. Within the portfolio, all identified are hotel properties. They are all located in Manhattan.
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