Isaac Chetrit shopping Diamond District buildings

The office properties received a $130M refi from Signature in 2015

TRD New York /
Nov.November 07, 2017 07:00 AM

Isaac Chetrit, 15 West 47th Street and 22 West 48th Street (Credit: Google Maps)

UPDATED, Nov. 7, 12:02 p.m.: As Isaac Chetrit moves ahead with plans for a Garment District skyscraper, he is looking to sell off a pair of office buildings about 10 blocks north, sources told The Real Deal.

Chetrit and partner Ray Yadidi’s Sioni Group are asking between $190 million and $200 million for the properties at 15 West 47th Street and 22 West 48th Street, in the heart of Midtown’s Diamond District, sources said.

A Cushman & Wakefield team led by Bob Knakal was recently hired to market only the 47th Street building for sale, sources added.

Totaling over 200,000 square feet, the buildings sit diagonally back-to-back, just south of Rockefeller Plaza between Fifth and Sixth avenues. At that asking price, the price per square foot would equate to about $1,000.

The properties, one 18 stories and the other 15 stories, are home to largely diamond and gem-related businesses.

The investors bought the buildings for $116.3 million in 2012 from longtime owner Victor Shafferman.  Then, three years later, they obtained a $130 million refinancing from Signature Bank.

Chetrit declined to comment, and Cushman and Sioni did not respond to a request for comment.

Chetrit and Yadidi are planning to build an 80-story mixed-use tower on Sixth Avenue, from West 36th to 37th streets.  They are reviewing unsolicited offers and recently hired Kohn Pedersen Fox as the tower’s architect.

Related Article


Embattled Prodigy Network CEO Rodrigo Niño to step down

The Watchtower building at 25 Columbia Heights, CIM Group’s Shaul Kuba (right) and LIVWRK’s Asher Abehsera (Credit: Wikipedia, CIM Group, and LinkedIn)

JPMorgan leads $335M refi for CIM and LIVWRK’s Watchtower renovation

Multifamily market still reigns in Queens, Blackstone balks after rent reforms and more of the biggest CRE trends right now

Real estate titans … and their toys

Developer seeks $40M for Opportunity Zone site in downtown Newark

This East End icon might finally be closing in on a sale

Effy Hematian and 145 West 45th Street (Credit: Getty Images, Google Maps)

Diamond ring designer to buy Times Square building for $92M

Mack-Cali sells Paramus office property, Murphy enacts land bank reforms & more North Jersey real estate news