Ray Yadidi is buying DKNY’s Midtown office

JPMorgan, Olmstead and Jonathan Rose have owned 240 West 40th for three years

New York /
Apr.April 16, 2018 05:30 PM

240 West 40th, Jonathan Rose and Ray Yadidi

Ray Yadidi’s Sioni Group is in contract to buy DKNY’s Midtown office from JPMorgan Chase, Olmstead Properties and Jonathan Rose Companies for about $105 million, sources told The Real Deal.

Yadidi, an active Garment District investor, signed a contract last week to acquire the 12-story, 160,000-square-foot office building at 240 West 40th Street, which is almost fully occupied by Donna Karan’s fashion label, sources said.

DKNY, which was acquired in 2016 by G-III Apparel Group, leases about 143,000 square feet in a deal that is set to expire in July 2020. The company is not expected to renew its lease, sources said.

The deal therefore would largely provide Sioni with a potential blank slate at the building.

The sellers bought the building for $85 million in 2015 from AEW Capital Management and Colliers ABR, which after several mergers is now part of Cushman & Wakefield.

Colliers International’s Richard Baxter, Jason Gold, Stephen Shapiro and Ameet Amin are brokering the deal. The brokers and JPMorgan declined to comment. Sioni, Olmstead and Jonathan Rose could not be reached for comment.

Yadidi is planning a skyscraper as tall as 1,005 feet on Sixth Avenue in partnership with Isaac Chetrit. The investors hired Kohn Pedersen Fox as the architect late last year.


Related Articles

arrow_forward_ios
Council member Pierina Ana Sanchez and RSA’s Joseph Strasburg (Getty; Twitter)
Citing Bronx fire, Council pushes building violation crackdown
Citing Bronx fire, Council pushes building violation crackdown
SB Development’s Joseph Stern and Northwind’s Ran Eliasaf with rendering of Nova (LinkedIn, NOVA)
SB Development, Hazelton Capital score $62M loan for LIC condo tower
SB Development, Hazelton Capital score $62M loan for LIC condo tower
Illustration of Mayor Eric Adams (Getty; Illustration by Kevin Rebong for The Real Deal)
Oh, rats! Eric Adams contests summons for infestation
Oh, rats! Eric Adams contests summons for infestation
Brookfield's Bruce Flatt with 1100 Newark Turnpike (Loopnet, Brookfield)
Brookfield buys CSX industrial site in Northern New Jersey for $67M
Brookfield buys CSX industrial site in Northern New Jersey for $67M
SL Green's Marc Holliday and Daniel Boulud with One Madison Avenue (Getty, SL Green)
Daniel Boulud lands at SL Green’s One Madison Avenue
Daniel Boulud lands at SL Green’s One Madison Avenue
(Getty)
Strong November hiring reported in real estate industries
Strong November hiring reported in real estate industries
198 Scholes Street, 65 Kent Avenue, 506 DeKalb Avenue and 11 Gunther Place (Illustration by the Real Deal with Getty, Google Maps)
Avi Philipson deal to acquire All Year portfolio is back on
Avi Philipson deal to acquire All Year portfolio is back on
Rihanna with 8000 Mall Walk (Getty, Visit West Chester NY)
Rihanna’s Savage X Fenty heads to Yonkers
Rihanna’s Savage X Fenty heads to Yonkers
arrow_forward_ios

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

Loading...