The Real Deal New York

Albanese closes $36M garment district deal

The firm more than doubled their money on the sale after only two years
June 01, 2014 04:00PM

Just two years ago the Albanese Organization bought a garment district office building for $15 million. Now the real estate investment and development firm has more than doubled their money, selling the building for $36 million.

In December, The Real Deal reported that real estate investors Isaac Chetrit and Ray Yadidi were in contract to buy the 15-story loft office building for $37 million. Now that deal has closed, according to Crain’s.

The 100,000-square-foot building at 320 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.

David Schechtman, an executive managing director at Eastern Consolidated, arranged the sale for the Albanese Organization. Azita Aghravi, a principal at Eastern Consolidated, represented Yadidi. [Crain’s] Christopher Cameron