Jeffrey Dagowitz, Adam Neumann sign $97.7M refi with City National Bank of Florida for dev site in Chelsea

Jeffrey Dagowitz, who is affiliated with JHG Holdings and Actium Development Company, in partnership with Adam Neumann, through the entity 127 West 23rd Owner, LLC as borrower signed a refi loan with lender City National Bank of Florida valued at $97.7 million for the development site at 123-131 West 23rd Street in Chelsea, Manhattan.
The deal closed on March 23, 2026 and was recorded on April 13, 2026. The prior lender was G4 Capital Partners which held debt that had an original loan amount of $69 million. The property has 32,347 square feet of built space and 129,369 square feet of additional air rights for a total buildable of 161,712 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $3,020 and the price per buildable square foot is $604 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 February 3, 2015, for $11.3 million. The signatory for JHG Holdings , Adam Neumann, and Actium Development Company was Jeffrey S. Dagowitz . The signatory for City National Bank of Florida was Roberto Pedroso . The Commercial Observer reported on a prior loan signed in 2020.

The property

The parcel has frontage of 100 feet and is 197 feet deep with a total lot size of 17,968 square feet. The lot is irregular. The zoning is C6-3X which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $10.6 million. City National Bank of Florida on March 23, 2026 bought a loan with an original principal of $69.0M from G4 Capital Partners signed by Robyn Sofid, secured by 123-131 West 23rd Street, when owned by JHG Holdings|Adam Neumann|Actium Development Company.

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 received two DOB violations, $17,400 in ECB penalties, and $24,210 in OATH penalties in the last year.

Development

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 Chelsea, The bulk, or 35 percent of the 52.5 million square feet of commercial built space are office buildings, with elevator buildings next occupying 28 percent of the space. In sales, Chelsea has the 8th highest sale turnover among other neighborhoods in the city with $1.5 billion in sales volume in the last two years. For development, Chelsea has 1.9 times the average amount of major developments relative to other neighborhoods and is the 15th highest in Manhattan. It had 3 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 12 of the 21 commercial properties representing 726,510 square feet of the 804,267 square feet. The largest owner is Magna Hospitality Group, followed by Greystar and then Mack Real Estate Group.
There are no active new building construction projects on this tax block.

The majority, or 32 percent of the 804,267 square feet of built space are hotel buildings, with office buildings next occupying 29 percent of the space.

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