Isaac Chetrit, Jacob Aini, Raizada Vaid borrow $210M from Morgan Stanley for office property in Garment District

Isaac Chetrit, Jacob Aini and Raizada Vaid through the entity Chetrit 1412 LLC as borrower signed a loan agreement with lender Morgan Stanley Bank valued at $210.0 million for 1 parcel, including the tax class office building tower type with 20 or more stories (O4) at 1412 Broadway in Garment District. The deal closed on November 25, 2019 and was recorded on December 3, 2019.
The property contains a total of 361,767 square feet of built space.
The average loan per buildable square foot is $580.
The prior debt totaling $131 million was provided by Wells Fargo. The last time the property sold was July 10, 2014, for $250,000,000. The loan was brokered by David Hayum and Tal Savariego of Meridian Capital Group.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on April 22, 2019.
Over the past five years, there have been 48 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $433,000. There were 46 renovation/alteration projects (A2) applied for with a total estimated value of $8,331,690.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link