City National Bank Of Florida Provides $28.7 Million Loan To JHG Holdings For Manhattan Hotel
123 West 23rd Street & 131 West 23rd Street
$28,700,000
$443/SF
Building Size
32,347 SF
Asset Type
Hotel
Closing
Mar 23, 2026
About this deal
AI
The asset involved in this transaction is a hotel property located at 123-131 West 23rd Street in Manhattan. The total square footage of the asset is 32,347, representing a significant real estate holding within the Chelsea neighborhood.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $28,700,000
- Lender: City National Bank of Florida
- Landlord: Jeffrey Dagowitz - JHG Holdings
The financing for this transaction has been provided by City National Bank of Florida, marking a notable mid-market debt play for Jeffrey Dagowitz’s JHG Holdings, who is managing the asset at the specified address in Manhattan.
Players
New York Hotel Market Snapshot
Boundary boundary · Hotel · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.55%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93