Sioni Group signs $158.5M construction loan for resi high rise in Garment District

Ray Yadidi’s Sioni Group through the entity The Milano Residences Owner LLC as borrower signed a new construction loan with lenders Kennedy Wilson, Crum & Forster, and OdysseyRe valued at $158.5 million for new construction, 743-foot-tall high rise with 300 residential units at 100 West 37th Street in the Garment District, Manhattan.

On these lots, there is one active new building construction project, M00643592, for a 300-unit, 295,819 square-foot residential (R-2) building. The project was submitted by Sioni Group and filed by Jack Yadidi with plans filed December 15, 2021 and permitted January 9, 2024.
The deal closed on April 3, 2025 and was recorded on April 18, 2025. The prior lender was Valley National Bank which held debt that had an original loan amount of $47 million. The project  348,801 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $454 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 signatory for Sioni Group was Ray Yadidi, also known as Payman Yadidi . The signatories for Kennedy Wilson , Crum & Forster , and OdysseyRe were In Ku Lee and Michael P. McTigue .

The property

The lot is irregular. The zoning is C6-6 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $7.9 million. The most recent loan totaled $47 million and was provided by Valley National Bank on August 9, 2023.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received two DOB violations, $66,250 in ECB penalties, and $72,420 in OATH penalties in the last year.

The block

On the tax block of 989 Sixth Avenue, PincusCo has identified the owners of eight of the 17 commercial properties representing 831,948 square feet of the 1,583,624 square feet. The largest owner is Empire State Realty Trust, followed by 60 Guilders and then Sioni Group.
On the tax block, there was one new building construction project. It is a 300-unit, 368,790 square-foot residential (R-2) building submitted by Sioni Group and filed by Jack Yadidi with plans filed December 15, 2021 and permitted January 9, 2024.

The majority, or 92 percent of the 1.6 million square feet of built space are office buildings, with retail buildings next occupying 8 percent of the space.

The borrower

The PincusCo database currently indicates that Sioni Group owned at least eight commercial properties with 300 residential units in New York City with 680,593 square feet and a city-determined market value of $203.9 million. (Market value is typically about 50% of actual value.) The portfolio has $233.2 million in debt, with top three lenders as Starwood Property Trust, Signature Bank, and Valley National Bank respectively. Within the portfolio, the bulk, or 100 percent of the 680,593 square feet of built space are office properties, with specialty properties next occupying 0 percent of the space. They are all located in Manhattan.

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