Sioni Group, Isaac Chetrit, up debt to $60M for office building in Garment District

Ray Yadidi’s Sioni Group and Isaac Chetrit’s AB & Sons through the entity AB 240 LLC as borrower signed a loan agreement with lender Signature Bank valued at $60 million for the office building (O6) at 240 West 37th Street in Garment District, Manhattan.
The deal closed on April 14, 2021 and was recorded on April 28, 2021.
Sioni group added a $25 million gap loan to the remainder of a 2012 loan with a maximum of $41.3 million.
The property has 130,766 square feet of built space and 17,330 square feet of additional air rights for a total buildable of 148,120 square feet according to PincusCo analysis of city data. The loan price per built square foot is $458 and the price per buildable square foot is $405 per the PincusCo analysis.
The owner bought the property on 9-Aug-07, for $44.0 million.
The signatory for the borrowers was Payman ‘Ray’ Yadidi and Isaac Chetrit.
(123141171)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on September 4, 2018.