Ray Yadidi ups debt to $20M from Signature Bank for new office property in Garment District

Payman “Ray” Yadidi through the entity 44 W 37 LLC as borrower signed a loan agreement with lender Signature Bank valued at $20 million for 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6) at 44 West 37th Street in Garment District. The deal closed on July 16, 2020 and was recorded on July 21, 2020.
The property contains a total of 43,086 square feet of built space.
The average loan per buildable square foot is $464. Plans for the building were disclosed in 2016.
The financing included a $12.5 million gap loan. The last time the property sold was March 21, 2014, for $9 million.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building on March 2, 2020.
Over the past five years, there have been 6 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $99,450. There has been one new building permit application totaling 38,876 square feet. There have been 2 demolition projects filed over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link