Argent Ventures
Encyclopedia
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
that owns the land under Grand Central Terminal
Grand Central Terminal
Grand Central Terminal —often incorrectly called Grand Central Station, or shortened to simply Grand Central—is a terminal station at 42nd Street and Park Avenue in Midtown Manhattan in New York City, United States...
and the land around 156 miles of Metro-North Railroad
Metro-North Railroad
The Metro-North Commuter Railroad , trading as MTA Metro-North Railroad, or, more commonly, Metro-North, is a suburban commuter rail service that is run and managed by the Metropolitan Transportation Authority , an authority of New York State. It is the busiest commuter railroad in the United...
railway tracks in the New York City metropolitan area.
Among other high profile buildings currently owned are:
- Capitol Records Tower in Hollywood, California (bought from British record company EMIEMIThe EMI Group, also known as EMI Music or simply EMI, is a multinational music company headquartered in London, United Kingdom. It is the fourth-largest business group and family of record labels in the recording industry and one of the "big four" record companies. EMI Group also has a major...
in 2006) - Omni International Mall in Miami, FloridaMiami, FloridaMiami is a city located on the Atlantic coast in southeastern Florida and the county seat of Miami-Dade County, the most populous county in Florida and the eighth-most populous county in the United States with a population of 2,500,625...
(the company received permission in March 2007 to redevelop into a complex of six towers between 58 and 65 floors)
The company was spun off in 1996 from by Andrew S. Penson from Amroc Investments which specializes in turning around distressed properties.
Two of its earlier properties that have since been sold included:
- Chrysler BuildingChrysler BuildingThe Chrysler Building is an Art Deco style skyscraper in New York City, located on the east side of Manhattan in the Turtle Bay area at the intersection of 42nd Street and Lexington Avenue. Standing at , it was the world's tallest building for 11 months before it was surpassed by the Empire State...
in New York (minority interest) - Manhattan MallManhattan MallThe Manhattan Mall, one of the few traditional indoor malls in New York City, is located at 33rd Street and Sixth Avenue. There are entrances to the 34th Street – Herald Square subway station and the 33rd Street PATH station, on the second basement level.This mall is a high-traffic shopping venue...
in New York
Grand Central Deal
In the breakup of the Penn Central Railroad in 1976, the land under Grand Central and its associated tracks continued to be owned by Penn Central Corporation but leased to what became Metropolitan Transit AuthorityMetropolitan Transportation Authority (New York)
The Metropolitan Transportation Authority of the State of New York is a public benefit corporation responsible for public transportation in the U.S...
. Penn Central as a holding company changed its name to American Premier Underwriters in March 1994. It in turn was absorbed by the American Financial Group
American Financial Group
American Financial Group Incorporated is a holding company based in Cincinnati, Ohio whose primary business is insurance and investments. American Financial Group's purpose is to enable businesses and individuals to manage risk using insurance products and services tailored to meet their specific...
.
On December 6, 2006, the United States Department of Transportation
United States Department of Transportation
The United States Department of Transportation is a federal Cabinet department of the United States government concerned with transportation. It was established by an act of Congress on October 15, 1966, and began operation on April 1, 1967...
announced Midtown TDR Ventures LLC had purchased the rights from American Financial.
As part of the transaction the lease with the MTA was renegotiated through February 28, 2274.
The New York Post
New York Post
The New York Post is the 13th-oldest newspaper published in the United States and is generally acknowledged as the oldest to have been published continuously as a daily, although – as is the case with most other papers – its publication has been periodically interrupted by labor actions...
on July 6, 2007, reported that Midtown TDR is controlled by Penson and Venture. The Post notes that the MTA which will pay $2.24 Million in rent in 2007 has an option to buy the station and tracks in 2017 although Argent could extend the date another 15 years to 2032. The big attraction to Venture are the development air rights
Air rights
Air rights are a type of development right in real estate, referring to the empty space above a property. Generally speaking, owning or renting land or a building gives one the right to use and develop the air rights....
it controls above the tracks.