Argent Ventures: Andrew Penson buying Vornado's Times Square hotel debt at deep discount

In another sign of the toll the pandemic has taken on New York City's hospitality sector, the $195 million mortgage on Vornado's Times Square hotel is being sold at a major discount. Andrew Penson, the former owner of Grand Central Terminal, is buying the senior mortgage on the 795-room Crowne Plaza Times Square for about $90 million, sources familiar with the sale told The Real Deal. That's roughly 50 percent off the face value ofThe post Andrew Penson buying Vornado's Times Square hotel debt at deep discount appeared first on The Real Deal New York.