Jack Ezon, Sion Betesh pay $49M to Yadidis for office building in Midtown

Jack Ezon and Sion Betesh through the entity Azul Nyc LLC paid $49 million to Ray Yadidi and Jack Yadidi through the entity 44 W 37 LLC for office building (O6) at 44 West 37th Street in Midtown, Manhattan.
The deal closed on December 15, 2021 and was recorded on December 29, 2021.
The property has 43,086 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $1,137 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on March 21, 2014, for $9 million.
The signatory for Ray Yadidi and Jack Yadidi was Payman Yadidi. The signatory for Jack Ezon and Sion Betesh was Lorraine Betesh, Sherry Ezon, Sion Betesh, and Jack Ezon.
(122877253)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building on March 2, 2020. (122877253) Plans for a 0-unit, 38,876 square-foot B were filed on August 31, 2016 and were permitted on October 12, 2017.
The seller entity was in care of the Sioni Group. Crain’s first reported the sale in October 2021. The buyers include Jack Ezon and Sion Betesh, who own the companies Silver One International and Blue Star Clothing.

Within a 400-foot radius of 44 West 37th Street, PincusCo identified 15 commercial real estate items of interests occurred over the past 24 months.
Of those 15 items, three were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $500,000, one permit with a total initial cost of $357,150 and one initial temporary certificate of occupancy issuance for a project that initially costed $1.8 million. The most recent of these three items was the permit on August 2, 2021 for a 4,886-square-foot A-2 building with no residential units at 59 West 37th Street.
Of those 15 items, two were sales above $5 million totaling $120.6 million. The most recent of the two was Magna Hospitality Group which bought two condo units in the 314-unit hotel (RH) on 60 West 37th Street and one other property for $115.1 million from Ashford Hospitality Trust on September 8, 2020.
Of those 15 items, 10 were loans above $5 million totaling $588.0 million. The most recent of the 10 was ELO Organization which borrowed $37.5 million from Dime Community Bank secured by the 44,352-square-foot, seven-unit office building (O5) on 40 West 38th Street and two other properties on August 26, 2021.

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