Ben Ashkenazy Secures $85 Million Refinance for Arthouse Hotel in New York City

Ben Ashkenazy’s Ashkenazy Acquisition Corporation secured an $85 million refinancing deal for the Arthouse Hotel New York City. Citi Real Estate Funding provided the five-year loan for the 16-story, 300-suite boutique hotel, ensuring continued preservation and enhancement of this historic property located near Central Park.

New York, NY, United States – July 26, 2024 —

Ben Ashkenazy, founder and CEO of Ashkenazy Acquisition Corporation, has successfully secured an $85 million refinancing deal for the Arthouse Hotel New York City, located on the Upper West Side. Citi Real Estate Funding provided the five-year loan to refinance the 16-story, 300-suite boutique hotel, which sits at the corner of Broadway and West 77th Street.

The Arthouse Hotel, originally built in 1919 and rebranded several times before its acquisition by Ashkenazy in 2013, spans over 175,000 square feet and features a community bar, Redfarm Chinese eatery, and Serafina Italian restaurant. The hotel’s strategic location, two blocks from Central Park, enhances its appeal as a premier destination in New York City.

This refinancing deal underscores Ashkenazy Acquisition Corporation’s commitment to maintaining and enhancing its portfolio of iconic properties. The firm, known for investing in landmark assets, continues to focus on strategic growth and development within the hospitality sector. The Arthouse Hotel represents a blend of historical charm and modern amenities, making it a standout property in Ashkenazy’s extensive portfolio.

Joe Press commented on the refinancing, stating, “Securing this refinancing with Citi Real Estate Funding enables us to continue our mission of providing exceptional hospitality experiences. The Arthouse Hotel is a prime example of our dedication to preserving the character of historical properties while ensuring they meet contemporary standards.”

The successful refinancing deal follows a series of strategic financing by Ashkenazy Acquisition Corporation, further solidifying its position as a leader in the real estate industry. With a portfolio that includes irreplaceable properties such as New York’s Plaza Hotel, Rivercenter in San Antonio and Bayside Marketplace in Miami, the firm continues to shape the commercial real estate landscape with visionary investments.

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