- Argent Ventures
Argent Ventures is a privately held real estate company based in
New York City that owns the land underGrand Central Terminal and the land around 156 miles ofMetro North tracks in the New York City metropolitan area.Among other high profile buildings currently owned are:
*Capitol Records Tower inHollywood, California (bought from British record companyEMI in 2006)
*Omni International Mall inMiami, Florida (the company received permission in March 2007 to redevelop into a complex of six towers between 58 and 65 floors) [ [http://bobmiami.com/2007/03/29/argent-ventures-1-billion-omni-plans-approved/ Argent Venture’s $1 Billion Omni Plans Approved! - Boom of Bust Miami - March 29, 2007] ]The company was spun off in 1996 from by
Andrew S. Penson from Amroc Investments which specializes in turning around distressed properties. [ [http://findarticles.com/p/articles/mi_hb279/is_200109/ai_hibm1G182551146 Argent Ventures, a locally based private real estate investment company, awarded Shopco Advisory Corp. the management contract for New York City's landmark Manhattan Mall - Shopping Center World - September 2001] ]Two of its earlier properties that have since been sold included:
*Chrysler Building in New York (minority interest)
*Manhattan Mall in New YorkGrand Central Deal
In the break up 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 Authority. Penn Central as a holding company changed its name to American Premier Underwriters in March 1994. It in turn was absorbed by theAmerican Financial Group .On December 6, 2006, the
United States Department of Transportation announced Midtown TDR Ventures LLC had purchased the rights from American Financial. [ [http://www.stb.dot.gov/decisions/ReadingRoom.nsf/51d7c65c6f78e79385256541007f0580/0a80d738a3489079852572370054733d?OpenDocument SURFACE TRANSPORTATION BOARD DECISION DOCUMENT - December 6, 2006] ] .As part of the transaction the lease with the MTA was renegotiated through February 28, 2274.
The
New York Post 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. [ [http://www.nypost.com/seven/07062007/business/air_rights_make_deals_fly_business_lois_weiss.htm Air Rights Make Deals Fly - New York Post - July 6, 2007] ] The big attraction to Venture are the developmentair rights it controls above the tracks.References
External links
* [http://www.argentventures.com/ Official website]
* [http://www.moviemakersguide.com/data/a/argve0446a.htm Moviemakersguide listing Argent properties]
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