Citi Real Estate Funding Provides $85M Refi for Ashkenazy’s UWS Hotel
Ashkenazy Acquisition Corporation is refinancing its interest in the Arthouse Hotel New York City
By Brian Pascus July 18, 2024 11:46 am
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Ashkenazy Acquisition Corporation has secured an $85 million loan to refinance its interest in the Arthouse Hotel New York City, a boutique hotel with 300 suites on the Upper West Side, Commercial Observer has learned.
Citi Real Estate Funding provided the five-year, $85 million loan, according to property records. The Montreal-based Jesta Group is listed as a partner on the transaction.
Ben Ashkenazy, the founder and CEO of Ashkenazy signed the loan document dated July 8. No broker was listed on the transaction.
Sitting on the corner of Broadway and West 77th Street, the Arthouse Hotel is a 16-story hotel that Askenazy first acquired in 2013, when it bought the former Nylo New York City Hotel for just over $140 million from a trust affiliated with the failed Lehman Brothers investment bank.
The brick building dates back to 1919. The property was renovated in 1991 as the Broadway American Hotel, and eventually rebranded as On the Ave after a $20 million renovation before the Ashkenazy’s purchase.
Today, the hotel spans more than 175,000 square feet and features a community bar and tenants that include the popular Chinese eatery Redfarm and Serafina Italian restaurant.
The hotel sits two blocks away from Central Park.
Ashkenazy and Citi did not respond to requests for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com
