Gencom, Argent Ventures, Highgate pay Tishman Realty, MetLife $230M for InterContinental
Gencom, Argent Ventures, and Highgate Hotels paid Tishman Realty and MetLife $230 million for the InterContinental New York Times Square hotel at 300 West 44th Street in Hell’s Kitchen, Manhattan. The transfer price in city property records was $218.6 million. Often with hotel purchases there is a price for the real estate and an additional price for the beds and other items. It’s unclear if that’s the case here. The hotel has 607 rooms within the 36-story building.
The Real Deal reported on the purchase earlier this month.
To finance the purchase, the buyers obtained a $190 million acquisition loan from Chicago-based Monroe Capital.
For the loan Gencom, Argent Ventures, and Highgate Hotels through the entity Icny Times Square Owner, Lp as borrower signed a acquisition loan with lender Monroe Capital through the entity Monroe Capital Management Advisors, LLC valued at $190 million for the hotel building (H1) at 300 West 44th Street in Hell’s Kitchen, Manhattan.
The deal closed on December 9, 2025 and was recorded on December 16, 2025. The prior lender was Blackstone Group which held debt that had an original loan amount of $190 million.The property has 450,000 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $422 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 July 18, 2007, for $116.5 million. The signatory for Gencom , Argent Ventures , and Highgate Hotels was Andrew S. Penson . The signatory for Monroe Capital was Jason Starr .
Prior sales and revenue
The owners according to the Department of Housing Preservation and Development includes David Rothenberg, head officer and Obiad Khan, officer. The business entities are Tishman Hotel Lp and West 44th Street Hotel Llc. The 450,000-square-foot property generated revenue of $82.9 million or $184 per square foot, according to the most recent income and expense figures.
The property
The hotel building with 9 residential units in Hell’s Kitchen has 450,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 275 feet and is 100 feet deep with a total lot size of 27,615 square feet. The zoning is C6-4 which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $141.8 million.
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 $8,405 in OATH penalties in the last year.
Development
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 Hell’s Kitchen, The bulk, or 39 percent of the 40.8 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 18 percent of the space. In sales, Hell’s Kitchen has 2.9 times the average sales volume among other neighborhoods with $889.6 million in sales volume in the last two years and is the 12th highest in Manhattan. For development, Hell’s Kitchen has 1.8 times the average amount of major developments relative to other neighborhoods and is the 14th highest in Manhattan. It had 2.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of 15 of the 26 commercial properties representing 675,502 square feet of the 733,306 square feet. The largest owner is Tishman Realty, followed by Lawrence Lipman and then Trans World Equities.
On the tax block, there was one new building construction project filed totaling 31,497 square feet. It is a 29-unit, 31,497 square-foot residential (R-2) building submitted by Yevgeniy Lvovskiy and filed by Yevgeniy Lvovskiy with plans filed April 21, 2022 and permitted January 26, 2023.
The majority, or 66 percent of the 733,306 square feet of built space are hotel buildings, with walkup buildings next occupying 9 percent of the space.
The borrower
The PincusCo database currently indicates that Argent Ventures owned at least two commercial properties in New York City with 1,079,431 square feet and a city-determined market value of $235.7 million. (Market value is typically about 50% of actual value.) The portfolio has $336.3 million in debt, borrowed from H&R REIT and Greystone & Co.. Within the portfolio, the bulk, or 78 percent of the 1,079,431 square feet of built space are hotel properties, with specialty properties next occupying 22 percent of the space. They are all located in Manhattan.
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