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

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

TRD 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
2870 Ocean Avenue in Brooklyn (Google Maps)

Chetrit firm pays $119 psf for Sheepshead Bay site

Chetrit firm pays $119 psf for Sheepshead Bay site
15 West 47th Street (Google Maps, iStock)

Chetrit’s $115M Diamond District deal fizzles

Chetrit’s $115M Diamond District deal fizzles
Savanna’s Chris Schlank and Nick Bienstock with 1375 Broadway (Credit: Google Maps)

Savanna closes on Garment District office with $388M loan

Savanna closes on Garment District office with $388M loan
Christopher Schlank, Nick Beinstock and 1375 Broadway (Credit: Google Maps)

Big Midtown deal looms over Savanna’s latest fundraising effort

Big Midtown deal looms over Savanna’s latest fundraising effort
622-628 West 153rd Street (Credit: Google Maps)

Chetrit family plans colossal resi project in Washington Heights

Chetrit family plans colossal resi project in Washington Heights
15 West 47th Street (Credit: Google Maps)

ELO to buy Chetrit family Diamond District building for $115M

ELO to buy Chetrit family Diamond District building for $115M
Savanna’s Chris Schlank and Nick Bienstock with 1375 Broadway (Credit: Google Maps)

Savanna buying Garment District office building for $435M

Savanna buying Garment District office building for $435M
1412 Broadway (Credit: Google Maps)

Isaac Chetrit lands $210M refi for Garment District office building

Isaac Chetrit lands $210M refi for Garment District office building
arrow_forward_ios

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

Loading...