Gencom Comes for NYC’s Luxury Hotel Crown

Gencom planted another flag along Central Park South.

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 rapidly expanding local portfolio.

Property records show a $270 million transfer price, though that figure excludes fixtures and other non-real estate assets. Banco Inbursa provided a $235 million acquisition loan, assuming and upsizing debt originally issued by KeyBank.

The seller, Westbrook Partners, had owned a stake 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 moment when other markets remain choppy and financing is still selective.

In 2024, the firm acquired the Thompson Central Park, followed by the InterContinental New York Times Square this past year. The Ritz-Carlton Central Park South deal gives Gencom a trio of high-profile, brand-name assets in core Manhattan locations — Central Park South and Times Square — effectively doubling down on the city’s top leisure and corporate corridors.

The strategy tracks with Gencom’s broader luxury push. Founded in 1987, the firm manages nearly $8 billion in assets and has built its brand around institutional-quality hospitality tied to flags such as Four Seasons, St. Regis and Auberge. In New York, it appears to be leaning into irreplaceable locations with strong rate power rather than chasing distressed, outer-borough or conversion plays.

The city’s luxury hotel segment has quietly reasserted itself, buoyed by international tourism, constrained new supply and resilient room rates at the high end. Trophy trades remain rare, but well-capitalized buyers are circling.

At roughly $1.26 million per key based on the headline price, the Ritz-Carlton deal signals confidence that Manhattan’s upper-tier hotels can sustain premium pricing.

This week’s medal podium couldn’t be contained to a gold, silver and bronze story. There’s simply too much going on in New York City real estate.

Next up, rent freeze? Mamdani names five new members to rent board

Mayor Zohran Mamdani named five new members to the Rent Guidelines Board, meaning his appointees make up a majority of the body as he advocates for a rent freeze on stabilized apartments.

The mayor tapped Chatnella Mitchell as the new chair and appointees include owner representative Maksim Wynn and public members Sina Sinai, Lauren Melodia, and Brandon Mancilla.

Public member Alex Armlovich stepped down early, urging the board to consider owner representative Arpit Gupta’s “slumlord freeze” proposal, which would tie rent freezes to a landlord’s performance.

The mayor opted to reappoint tenant representative Adán Soltren instead of naming a sixth new member.

Ron Perelman offloads Upper East Side townhouse for $47M

Billionaire Ron Perelman sold his Upper East Side townhouse at 36 East 63rd Street for $46.75 million, which was nearly six years after it was 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 in 2022 — to pursue a “simpler life.”

The 40-foot-wide Neo Georgian Mansion, which was once a private club for aviators, rotated through several top brokers over the years, with the final price significantly lower than its initial and later reduced asking prices.

Mark Nussbaum turns on former “bro” Tzali Chopp over unpaid debt

Disgraced attorney and fixer Mark Nussbaum is turning against his former friend and deal partner as creditors seek to collect more than $400 million in missing escrow funds.

Sheldon Eisenberger, an attorney handling the wind-down and liquidation of Nussbaum’s former law firms, has launched 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 Chopp failed to pay back a $3 million loan from Nussbaum. Eisenberger now alleges Chopp owes $6.3 million with interest.

Meet David Mitchell: The down-on-his-luck real estate guy Jeffrey Epstein kept close

Finally, The Real Deal looked into the relationship between Jeffrey Epstein and New York developer David Mitchell, which was primarily transactional: Epstein sought to leverage Mitchell for social connections to New York’s upper crust, while Mitchell relied on Epstein for short-term loans and financial assistance.

Epstein provided 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.

Following Epstein’s death, Mitchell continued to face severe financial and legal challenges.