The Real Deal New York

Ray Yadidi lands $83M loan for Garment District purchase

Signature Bank, Mack Real Estate are the lenders
July 13, 2018 09:00AM

240 West 40th Street (Credit: Google Maps)

Signature Bank and Mack Real Estate are loaning Ray Yadidi’s Sioni Group $82.5 million for its purchase of the DKNY headquarters at 240 West 40th Street.

Signature Bank provided the company with a $62 million mortgage, while Mack Real Estate provided a mezzanine loan for $20.5 million, according to Commercial Observer.

The Real Deal reported in April that Sioni Group was in contract to buy DKNY’s Midtown office from JPMorgan Chase, Jonathan Rose Companies and Olmstead Properties. The building spans 160,000 square feet, and DKNY takes up 143,000 square feet of space.

However, DKNY’s lease expires in 2020, and the company is not expected to renew it. [CO] – Eddie Small