Argent Ventures

Argent Ventures is a privately held real estate company based in New York City that owns the land under Grand Central Terminal and the land around 156 miles of Metro-North Railroad railway tracks in the New York City metropolitan area.

Properties

Among other high profile buildings currently owned are:

• Capitol Records Tower in Hollywood, California (bought from British record company EMI in 2006)
• Omni International Mall in Miami, Florida (the company received permission in March 2007 to redevelop into a complex of six towers between 58 and 65 floors)^[1]

The company was spun off in 1996 by Andrew S. Penson from Amroc Investments, which specializes in turning around distressed properties.^[2]

Two of its earlier properties that have since been sold included:

• Chrysler Building in New York (minority interest)
• Manhattan Mall in New York

Grand Central Terminal

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 the Metropolitan Transportation Authority. 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.

On December 6, 2006, the United States Department of Transportation announced Midtown TDR Ventures LLC had purchased the rights from American Financial.^[3] As part of the transaction the lease with the MTA was renegotiated through February 28, 2274. The New York Post reported in 2007 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.^[4] The big attraction to Venture are the development air rights it controls above the tracks.

References

External links

• Official website
• Moviemakersguide listing Argent properties