The Real Deal New York

Isaac Chetrit shopping Diamond District buildings

The office properties received a $130M refi from Signature in 2015
By Mark Maurer | November 07, 2017 07:00AM

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.