JHG Holdings and Adam Neumann borrow $75M against dev site in Chelsea

JHG Holdings and Adam Neumann through the entity 127 West 23rd Owner, LLC as borrower signed a loan agreement with lender G4 Capital Partners’ G4 18206, LLC valued at $75 million secured by 131 West 23rd Street in Chelsea. The deal closed on July 1, 2020 and was recorded on August 11, 2020.

Adam Neurmann and Jeffrey Dagowitz obtained the loan. The financing included a $10.25 million gap loan. Iron Hound Management negotiated the debt, according to the Commercial Observer. Emerald Creek Capital owns a $15 million senior participation interest in the loan, and Axos Bank also acquired a participation interest in the debt, according to property records.

Over the past five years, there have been 7 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $115,000.There has been one new building permit application totaling 249,045 square feet. Those plans include a total of 32 residential or hotel units. There have been 3 demolition projects filed over the past five years. The demolition included 15 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link