The Real Deal New York

Chetrit, Yadidi to buy Hell’s Kitchen office building for $37M

December 03, 2013 04:02PM
By Mark Maurer

320-west-37th

From left: David Schechtman, 320-324 West 37th Street and Robert Franco

Real estate investors Isaac Chetrit and Ray Yadidi are in contract to buy a 15-story loft office building in Hell’s Kitchen from the Albanese Organization for $37 million, The Real Deal has learned.

The 100,000-square-foot building at 320-324 West 37th Street, between Eighth and Ninth avenues, features 93,244 square feet of office space and 7,000 square feet of retail space. There are a total of 28 commercial units, nearly all of which are currently leased.

In 2011, the Garden City, N.Y.-based Albanese partnered with the Buccini/Polin Group to close on its purchase of a parking lot at 312-318 West 37th Street for $20.8 million, which they still own, as previously reported. Then, last year, Albanese paid $15.4 million for the property next door, according to PropertyShark.

Robert Franco, senior vice president of acquisitions and development at Albanese, could not be reached for comment, nor could Chetrit or Yadidi.

David Schechtman, executive managing director at Eastern Consolidated, represented both the prospective buyers and the seller. The deal is expected to close by February of next year, Schechtman said.

Concrete Bar & Restaurant occupies the ground floor at the building, which was constructed in 1927 and last modified in 1989. Other tenants include the National Association for Multi-ethnicity in Communications and the event space 320 Studios.

In October, Chetrit entered contract to sell an office building at 396 Broadway in Tribeca to an executive of investment firm Bridgeton Holdings, for $42 million, as The Real Deal reported.

  • mgm 917

    whats the catch? price sounds like 2010.

    • JC

      370 PSF for West 37th St, doesn’t seem like there’s a catch to me. I would have to imagine it’s a 4.5 cap or thereabouts.

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