Gencom records $320M purchase of Midtown West hotel from Westbrook
50 Central Park South (Credit - Cyclomedia)
UPDATED, 12:55 p.m., February 19, 2026: Gencom paid a reported $320 million to Westbrook Partners for the Ritz-Carlton New York, Central Park hotel in Midtown West, Manhattan in two transactions. The total price recorded in Acris was $269.7 million, but in hotel sales the transfer price, which represents the real estate value of the sale, does not include other considerations.
The Real Deal reported on the transaction yesterday.
Bloomberg reported Gencom was the buyer, but did not include a price, and The Promote reported the price would be about $1.2 million per key.
Recent Gencom stories:
In the first transaction, Gencom through the entity Rccp Ny Hotel Fee Owner, LLC paid $183.6 million to Westbrook Partners through the entity Mp8 Cps Hotel Owner LLC for the hotel condo at 50 Central Park South in Midtown West, Manhattan. The expected use is cash flowing.
The deal closed on February 5, 2026 and was recorded on February 18, 2026. The property has 234,324 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $783 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.)
In the second transaction, Gencom through the entity Rccp Ny Commercial Fee Owner, LLC paid $86.1 million to Westbrook Partners through the entity Mpe Hotel I (New York) LLC for the hotel condo at 50 Central Park South in Midtown West, Manhattan. The expected use is cash flowing.
The deal closed on February 5, 2026 and was recorded on February 18, 2026. The property has 9,512 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $9,055 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 signatory for Westbrook Partners was Diego Rico . The signatory for Gencom was Thomas Bezold . The contract date was December 26, 2025.
To finance the purchase, Gencom borrowed $235 million from Banco Inbursa.
Prior sales, articles and revenue
Prior to this transaction, PincusCo has records that the buyer Gencom purchased three properties in two transactions for a total of $507.1 million and has no record it sold any properties over the past 24 months.
The seller Westbrook Partners had not purchased any other properties and sold two properties in one transaction for a total of $41.7 million over the same time period.
The property
The hotel condo in Midtown West has 234,324 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 234,324 square feet. The city-designated market value for the property in 2022 is $158.7 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 not received any significant violations 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 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 $4.2 billion in sales volume in the last two years. For development, Midtown West is the most active neighborhood among other neighborhoods. It had 42.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 56 percent of the neighborhood’s built space. There were three 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 three of the five commercial properties representing 711,346 square feet of the 771,047 square feet. The two identified owners are Qatar Investment Authority and Atco Properties & Management.
There are no active new building construction projects on this tax block.
The majority, or 57 percent of the 771,047 square feet of built space are hotel buildings, with elevator buildings next occupying 43 percent of the space.
The buyer
The PincusCo database currently indicates that Gencom owned at least one commercial property with nine residential units in New York City with 450,000 square feet and a city-determined market value of $118.9 million. (Market value is typically about 50% of actual value.) The portfolio has $184 million in debt, borrowed from Affinius Capital. The portfolio consists of at least a single hotel property. It is located in Manhattan.
Updated with link to Bloomberg article and The Promote link.
Direct link to Acris document. link
Direct link to Acris document. link