Sioni Group and Isaac and Eli Chetrit finally secured a $275 million construction loan for their 70-story high-rise.
The loan, secured this month from Intervest and Affinius Capital, allows the developers to complete their skyline-defining tower, which has been in the works for nearly two decades.
The developers also recently hired Real New York as its exclusive brokerage for the building. The tower, which will offer studio to three-bedroom units, is expected to open in 2026.
“This new vision from Sioni will speed the transformation of Midtown South into a vibrant and exciting neighborhood,” said Robert Rahmanian, co-founder of Real New York, in a statement.
Reached by phone, Jack Yadidi of Sioni Group had no interest in discussing the loan, telling The Real Deal that readers would “not care.” Instead, Yadidi emphasized that people would prefer to know about the “uniqueness of the design” and the tower’s finishes.
The planned 311-unit tower at 100 West 37th Street is indeed unique. Renderings show a cylindrical shape with a champagne-colored glass exterior. The facade will be illuminated by vertical strips. Inside, the developers say they plan to include “custom modern chandeliers” and “monolithic-sized columns.”
The 785-foot-tall residential building would stand out in Midtown South, a neighborhood dotted with low-slung office buildings which has so far been shunned by luxury developers.
When asked why the developer chose to build mostly rentals instead of condos, Yadidi said it “made better economic sense” and was about “dollars and cents.”
Jack and Ray Yadidi and their partners Eli and Isaac Chetrit, cousins of the better-known Joseph Chetrit, started amassing properties to build the high-rise in 2007. The developers paid $49 million for a 21-story office building and later, $54.3 million for a vacant hotel at 993 Sixth Avenue. They completed the assemblage in 2016 with the purchase of 235,000 square feet of air rights tied to the nearby Haier Building.
In 2017, the developers quietly started to shop the site for about $200 million. TRD reported in 2022 that the developers were nearing a $350 million construction loan, but the loan did not materialize until this year. Financing was likely delayed by the Federal Reserve’s move to raise interest rates.
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Sioni Group and AB & Sons score $275M loan for Midtown high-rise
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