search

The Real Deal Logo

Trending

Major developers are converting South Florida malls into mixed-use projectsMajor developers are converting South Florida malls into mixed-use projectsGlossier founder is buyer of $22M Brooklyn townhouseGlossier founder is buyer of $22M Brooklyn townhouseBushburg buying Rudin’s half-empty FiDi office building for $160MBushburg buying Rudin’s half-empty FiDi office building for $160MAnywhere says bring on the broker commission reckoningAnywhere says bring on the broker commission reckoning
Commercial
New York

Ray Yadidi lands $83M loan for Garment District purchase

Signature Bank, Mack Real Estate are the lenders

240 West 40th Street (Credit: Google Maps)
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.

Sign Up for the undefined Newsletter

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

Tags
Commercial Real EstateSignature Bank