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Isaac Chetrit nears $350M loan for Midtown project

Construction financing lined up to replace Sixth Avenue building with tower

Isaac Chetrit with 989-993 Sixth Avenue
Isaac Chetrit with 989-993 Sixth Avenue (Google Earth)

Eli and Isaac Chetrit are closing in on a $350 million construction loan to build a 69-story tower in the Garment District.

The Chetrits, along with Ray Yadidi of Sioni Group, are seeking to use the loan to raise their 300-unit residential tower at 989-993 Sixth Avenue, according to a source familiar with the deal. The loan has yet to appear in property records.

The group plans to demolish a 21-story office building at 989 Sixth Avenue to make way for the tower, according to plans filed with the city.

The Chetrits and Yadidi first began amassing properties for the project in 2007. The developers paid $49 million for the office building and $54.3 million for a vacant hotel site at 993 Sixth Avenue. They finished the assemblage in 2016 with the purchase of 235,000 square feet of air rights tied to the nearby Haier Building.

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Plans for the Midtown site have evolved over the years. The Chetrit-led group planned an 80-story tower at the site upon acquiring the air rights. But a year later, the developers were shopping the parcels for over $200 million. Now the plans call for a 370,000-square-foot, 69-story building.

Damir Sehic of C3D Architecture is listed as the architect of record.

Isaac and Eli Chetrit, who lead AB & Sons, are cousins of powerhouse developer Joe Chetrit.

Isaac Chetrit, while not as big of a name as his cousin, has been very active lately in New York City. In late 2020, he and Ray and Jack Yadidi sold a 18-story building at 15 West 47th Street for $110 million. Chetrit is also building a 28-story residential project in Washington Heights. In Downtown Brooklyn, Chetrit partnered with the Jay Group to build a multifamily property at 101 Fleet Place.

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ChetritCommercial Real EstateDevelopmentGarment DistrictMidtown