Witkoff Group signs $144M refi loan with JPMorgan Chase for hotel, retail in Chelsea

Witkoff Group through the entity 76 Eleventh Hotel LLC as borrower signed a refi with lender JPMorgan Chase valued at $144 million for a Faena Hotel condominium unit and a retail condominium unit at 500 West 18th Street in Chelsea, Manhattan.
The deal closed on January 28, 2026 and was recorded on February 11, 2026. The prior lender was JPMorgan Chase which held debt that had an original loan amount of $107.9 million. The two properties have 187,660 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $767 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 signatory for Witkoff Group was Scott Alper . The signatory for JPMorgan Chase was John Spears .

The property

The hotel and units in Chelsea have 187,660 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 174,802 square feet. The city-designated market value for the property in 2022 is $64.5 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations 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. On the tax lot, the most recent condominium plan was filed by 76 ELEVENTH AVENUE PROPERTY OWNER LLC to create 302 residential units and 2 commercial units in a building at 76 Eleventh Avenue in Chelsea, Manhattan, called One Highline Condominium (F/K/A 76 Eleventh Avenue Condominium that has a $1.7 million sellout, according to an June 29, 2016 submission to the New York State Attorney General.

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 $1.4 billion in sales volume in the last two years. For development, Chelsea has 1.8 times the average amount of major developments relative to other neighborhoods and is the 14th highest in Manhattan. It had 2.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other hotel buildings in the past 12 months.

The block

On the tax block of 500 West 18th Street, PincusCo has identified the owner of the one commercial property that spans that spans 824,727 square feet on the block.The identified owner is Witkoff Group.
On the tax block, there was one new building construction project filed totaling 760,430 square feet. It is a 373-unit, 760,430 square-foot residential (R-2) building submitted by HFZ Capital Group and filed by Anthony Marrone with plans filed December 15, 2015 and permitted March 30, 2018.

All properties are elevator.

The borrower

The PincusCo database currently indicates that Witkoff Group owned at least one commercial property in New York City with 824,727 square feet and a city-determined market value of $260.7 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single elevator property. It is located in Manhattan.

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