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

Refinancing comes from Morgan Stanley

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.

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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.

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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.