citizenM signs $82.5M refi for hotel in Lower East Side
citizenM through the entity Osib-Bcre Bowery Street Holdings LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $82.5 million for the hotel building (H2) at 189 Bowery in Lower East Side, Manhattan.
The deal closed on September 26, 2025 and was recorded on October 1, 2025. The prior lender was JPMorgan Chase which held debt that had an original loan amount of $82.5 million.The property has 79,408 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $1,038 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on July 14, 2010, for $24.1 million. The signatory for citizenM was Morris Shalom . The signatory for JPMorgan Chase was Roni C. Kotel .
citizenM, founded by Rattan Chadha is a Netherlands-based subsidiary of Marriott International.
Prior sales and revenue
The 79,408-square-foot property generated revenue of $20.5 million or $259 per square foot, according to the most recent income and expense figures.
The property
The hotel building in Lower East Side has 79,408 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 126 feet deep with a total lot size of 19,149 square feet. The lot is irregular. The zoning is C6-1 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 3.44 times FAR for residential.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.
Development
For the tax lot building, it received its initial certificate of occupancy on August 31, 2018. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
The neighborhood
In Lower East Side, The majority, or 51 percent of the 23.8 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 21 percent of the space. In sales, Lower East Side has 1.8 times the average sales volume among other neighborhoods with $517.9 million in sales volume in the last two years and is the 20th highest in Manhattan. For development, Lower East Side has had very little major development activity relative to other neighborhoods.It had 647,810 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space. There were three pre-foreclosure suit filed among other hotel buildings in the past 12 months.
The block
On this tax block, PincusCo has identified the owners of eight of the 23 commercial properties representing 216,416 square feet of the 395,418 square feet. The largest owner is citizenM, followed by HUBB NYC and then Chaim Nortman.
On the tax block, there were three new building construction projects totaling 102,574 square feet. The largest is a 78-unit, 58,161 square-foot residential (R-2) building submitted by Nexus Building Development Group and filed by Ben Harlev with plans filed August 21, 2018 and permitted January 3, 2020. The second largest is a 13-unit, 27,272 square-foot residential (R-2) building submitted by Hagay Azoulay with plans filed November 26, 2014 and permitted October 2, 2017.
The majority, or 29 percent of the 395,418 square feet of built space are elevator buildings, with hotel buildings next occupying 27 percent of the space.
Direct link to Acris document. link