The Miami-based investor paid about $320 million for the 253-key Ritz-Carlton Central Park South at 50 Central Park South, adding a third Manhattan hotel to a fast-growing local portfolio.
Property data shows a transfer price of $270 million, although that figure excludes fixtures and other non-real estate assets. Banco Inbursa provided a $235 million takeover loan, assuming and increasing the debt originally issued by KeyBank.
The seller, Westbrook Partners, had had an interest in the property since 2012, when it paid $105 million for an interest from Millennium Partners.
The deal pushes Gencom deeper into New York at a time when other markets remain choppy and financing remains selective.
In 2024, the company acquired Thompson Central Park, followed last year by the InterContinental New York Times Square. The deal with Ritz-Carlton Central Park South gives Gencom a trio of high-profile branded properties in core Manhattan locations – Central Park South and Times Square – effectively doubling the city’s key leisure and business corridors.
The strategy follows Gencom’s broader luxury push. Founded in 1987, the company manages nearly $8 billion in assets and has built its brand around institutional-quality hospitality tied to banners like Four Seasons, St. Regis and Auberge. In New York, it appears to be focusing on irreplaceable locations with strong share price strength rather than pursuing distressed, exurban or conversion scenarios.
The city’s luxury hotel segment has quietly reasserted itself, buoyed by international tourism, limited new supply and resilient room rates at the higher end. Trophy transactions remain rare, but well-capitalized buyers are circling.
At about $1.26 million per key, based on face price, the Ritz-Carlton deal signals confidence that Manhattan’s higher-end hotels can maintain premium prices.
This week’s medal podium could not be limited to a story of gold, silver and bronze. There’s just too much going on in New York City real estate.
Next step: rent freeze? Mamdani appoints five new members to rent a board
Mayor Zohran Mamdani has appointed five new members to the Rent Guidelines Council, meaning his appointees form the majority of the body as he calls for a rent freeze on stabilized apartments.
The mayor tapped Chatnella Mitchell as the new chair, and appointees include owners representative Maksim Wynn and public members Sina Sinai, Lauren Melodia and Brandon Mancilla.
Audience member Alex Armlovich resigned early and urged the board to consider cottage owner Arpit Gupta’s proposal for a freeze, which would tie the rent freeze to a landlord’s performance.
The mayor chose to reappoint tenant representative Adán Soltren instead of appointing a sixth new member.
Ron Perelman sells Upper East Side mansion for $47 million
Billionaire Ron Perelman sold his Upper East Side mansion at 36 East 63rd Street for $46.75 million, nearly six years after it first listed with an asking price of $65 million.
The sale is part of a broader effort by Perelman to sell off assets — including his Hamptons estate for $84 million by 2022 — to pursue a “simpler life.”
The 40-foot-wide Neo Georgian Mansion, once a private club for pilots, circulated through several top real estate agents over the years, with the final price being significantly lower than the original and later reduced asking prices.
Mark Nussbaum turns against former ‘brother’ Tzali Chopp over unpaid debts
Disgraced attorney and fixer Mark Nussbaum turns on his former friend and deal partner as creditors seek to collect more than $400 million in missing bail bonds.
Sheldon Eisenberger, an attorney handling the resolution and liquidation of Nussbaum’s former law firms, has filed a lawsuit against nursing home entrepreneur and Nussbaum’s former friend Tzali Chopp of Opal Healthcare.
The lawsuit filed in the Southern District of New York alleges that Chopp failed to repay a $3 million loan from Nussbaum. Eisenberger now claims Chopp is owed $6.3 million with interest.
Meet David Mitchell: Hapless real estate man Jeffrey Epstein stayed close
Finally, The real deal explored the relationship between Jeffrey Epstein and New York developer David Mitchell, which was primarily transactional: Epstein sought to use Mitchell for social connections with New York’s upper crust, while Mitchell relied on Epstein for short-term loans and financial assistance.
Epstein made more than $2 million in loans and invested in Mitchell’s ventures, such as the Life Hotel and an Upper East Side condo project, none of which appeared to be financially successful for Epstein.
After Epstein’s death, Mitchell continued to face serious financial and legal challenges.
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Gencom will pay $320 million for Ritz-Carlton Central Park South
Next step: rent freeze? Mamdani appoints five new members to rent a board
Ron Perelman sells Upper East Side mansion for $47 million
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