Isaac Chetrit lands $210M refi for Garment District office building

Refinancing comes from Morgan Stanley

New York /
Nov.November 27, 2019 12:15 PM
1412 Broadway (Credit: Google Maps)

1412 Broadway (Credit: Google Maps)

Isaac Chetrit has landed a $210 million refinancing from Morgan Stanley for 1412 Broadway, according to sources familiar with the deal.

Chetrit purchased the 415,000-square-foot, 24-story Garment District office property from Harbor Group International in 2014 for $250 million. The new debt replaces a $160 million loan Wells Fargo provided on the property in 2016.

David Hayum and Tal Savariego of Meridian Capital Group brokered the deal with Morgan Stanley. He and Morgan Stanley did not respond to requests for comment, and Chetrit declined to comment.

Isaac Chetrit

Isaac Chetrit

Isaac Chetrit — lesser known than his cousin Joseph Chetrit — owns about 25 buildings in the city, with sources pegging the value of his holdings at north of $2 billion. The office at 1412 Broadway is one of his most valuable properties. Its tenants include StubHub and Workville, a co-working company launched by Chetrit’s collaborator Charles Aini.

He went into contract earlier this year to sell his Midtown office building at 145 West 45th Street to the Hematian family for $92 million.


Related Articles

arrow_forward_ios
The building is near Herald Square and Penn Station. (Google Maps)
NYC sues Garment District landlord over tenant’s alleged prostitution activity
NYC sues Garment District landlord over tenant’s alleged prostitution activity
15 West 47th Street, Diamond District (Google Maps, iStock)
Chetrit brings ELO back to the table on $110M Diamond District deal
Chetrit brings ELO back to the table on $110M Diamond District deal
338 West 39th Street and Sam Chang (Photo via Google Maps)
Sam Chang sells Garment District hotel site for $32M
Sam Chang sells Garment District hotel site for $32M
2870 Ocean Avenue in Brooklyn (Google Maps)
Chetrit firm pays $119 psf for Sheepshead Bay site
Chetrit firm pays $119 psf for Sheepshead Bay site
15 West 47th Street (Google Maps, iStock)
Chetrit’s $115M Diamond District deal fizzles
Chetrit’s $115M Diamond District deal fizzles
Savanna’s Chris Schlank and Nick Bienstock with 1375 Broadway (Credit: Google Maps)
Savanna closes on Garment District office with $388M loan
Savanna closes on Garment District office with $388M loan
Gap Senior Director of Real Estate Jennifer Rondholz, Morgan Stanley Prime Property Fund head Scott Brown and 170 Broadway (Linkedin, Google Maps)
Lower Manhattan retail condo squeezed by lender as Gap refuses to pay rent
Lower Manhattan retail condo squeezed by lender as Gap refuses to pay rent
Christopher Schlank, Nick Beinstock and 1375 Broadway (Credit: Google Maps)
Big Midtown deal looms over Savanna’s latest fundraising effort
Big Midtown deal looms over Savanna’s latest fundraising effort
arrow_forward_ios

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

Loading...