The Real Deal New York

Isaac Chetrit refis three Manhattan office buildings to the tune of $50M

Signature Bank is the lender
By Miriam Hall | June 29, 2017 01:52PM

From left: Isaac Chetrit, 25-27 West 36th Street, 447 Broadway and 286 Fifth Avenue

Isaac Chetrit’s AB & Sons TRData LogoTINY landed $49.3 million to refinance three of its office buildings, according to records filed with the city Thursday.

Signature Bank is the lender, the documents show. The bank provided $16 million for the 12-story building at 25 West 36th Street, which is AB & Sons’ headquarters. A $19 million loan was provided for 286 Fifth Avenue, a 44,380-square-foot building in NoMad. The firm also secured a $14.3 million loan for its 25,000-square-foot building at 447 Broadway in Soho.

Chetrit, the cousin of Joseph Chetrit, owns around 25 commercial buildings in the city, which sources previously told The Real Deal are together worth more than $2 billion. He secured $130 million in financing from Signature Bank in 2015 for two Diamond District office buildings. The Real Deal profiled Chetrit — who runs the business with his brother and his son — in April. Chetrit is planning to build a mixed-use tower on Sixth Avenue with partner Ray Yadidi, and has assembled 375,000 buildable square for the development.

A representative for Chetrit declined to comment. A representative for Signature Bank could not be immediately reached for comment.

Mark Maurer contributed reporting.

(To view more of Signature Bank’s lending transactions, click here)