Mehran Kohansieh buys Times Square hotel ground lease for $4M

Mehran Kohansieh through the entity Gallivant Hotel Holding, LLC acquired a leasehold from LNR Partners through the entity CSMC 2006-C5 West 48Th Street, LLC valued at $4 million for 1 parcel, including the tax class luxury type hotel built after 1960 (H2) at the Gallivant Hotel at 234 West 48th Street in Times Square. The deal closed on March 18, 2021 and was recorded on April 19, 2021.
The property contains a total of 117,102 square feet of built space.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $133,000.

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