Isaac Chetrit, Yadidi plan Midtown tower of up to 80 stories

Investors have now amassed 375K buildable sf along Sixth Ave.

New York /
Apr.April 20, 2016 06:20 PM

Investors Isaac Chetrit and Ray Yadidi are planning a mixed-use skyscraper of up to 80 stories in the Garment District, after closing Wednesday on the missing piece of an assemblage spanning 375,000 square feet, sources told The Real Deal.

The block-long Assemblage On Sixth Avenue between West 36th and 37th streets consists of two existing buildings and 235,000 square feet of adjacent air rights. Himmel + Meringoff Properties sold the air rights affiliated with the landmarked Haier Building at 1352-1362 Broadway, also known as 981-987 Sixth Avenue for an undisclosed price, sources said. The Haier Building itself is not part of the assemblage.

Given the as-of-right zoning, sources said the most probable use of the property is a mix of residential, hotel and retail.

Chetrit and Yadidi, who respectively run AB & Sons and Sioni Group with their families, have allocated a total of $280 million in investment. This includes the property and air rights acquisitions and pre-construction costs, sources said.

The 21-story office building at 989-991 Sixth spans 96,000 square feet, while the one-story retail building at 993 Sixth Avenue offers 44,000 buildable square feet. Chetrit and Yadidi paid $49 million in 2007 for the former and $54.3 million in October for the latter, property records show.

In a span of three years, the building at 993 Sixth Avenue soared in value – by more than 350 percent. Empire Hotel Group, which paid $12 million for the building in 2012, abandoned plans to build a 122-key hotel on the site.

Demolition of the existing buildings won’t happen for at least three years, sources said.

Himmel + Meringoff declined to comment, as did Chetrit and Yadidi.


Related Articles

arrow_forward_ios
Empire State Realty Trust's Tony Malkin with 1400 Broadway
Burlington grows bigger at ESRT’s 1400 Broadway
Burlington grows bigger at ESRT’s 1400 Broadway
Empire State Realty Trust’s Tony Malkin and Shanae Ursini with 501 Seventh Avenue
Trading trains: Security firm jumps from Grand Central to Penn
Trading trains: Security firm jumps from Grand Central to Penn
The Stewart Hotel at 371 7th Avenue and Isaac Chetrit (Google Maps)
Isaac Chetrit to convert Stewart Hotel to residential
Isaac Chetrit to convert Stewart Hotel to residential
Isaac Chetrit with 989-993 Sixth Avenue
Isaac Chetrit nears $350M loan for Midtown project
Isaac Chetrit nears $350M loan for Midtown project
Signature Bank president Joseph DePaolo in front of 1400 Broadway (Signature Bank, Google Maps, iStock)
Signature Bank picks up more space at ESRT’s 1400 Broadway
Signature Bank picks up more space at ESRT’s 1400 Broadway
New York Embroidery Studio's Michelle Feinberg and the Brooklyn Army Terminal (New York Embroidery Studio, Getty, iStock)
Garment biz leases 80K sf at Brooklyn Army Terminal
Garment biz leases 80K sf at Brooklyn Army Terminal
Progyny CEO Pete Anevski and ESRT EVP of Real Estate Thomas Durels (LinkedIn, Empire State Realty Trust)
Empire State Realty Trust lands 70K sf tenant at 1359 Broadway
Empire State Realty Trust lands 70K sf tenant at 1359 Broadway
Joseph DePaolo, chief executive officer, Signature Bank in front of 1400 Broadway in Manhattan (Signature Bank, LoopNet, iStock/Illustration by Steven Dilakian for The Real Deal)
Signature Bank doubles down on ESRT’s 1400 Broadway
Signature Bank doubles down on ESRT’s 1400 Broadway
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...