Isaac Chetrit and Ray Yadidi have closed on the final piece of a 375k SF assemblage in the Garment District. It includes air rights from the landmarked Haier Building, which won’t be going anywhere regardless of what Chetrit and Yadidi do with the site.
The plan could include a building as tall as 80 stories, according to The Real Deal. Two existing buildings now sit on the assemblage, which covers the full block of Sixth Avenue from 36th to 37th streets.
It’s not clear what kind of property will go up on the site, but the area has seen a surge in hotel construction lately (though that surge took a big hit last quarter). The JV has so far sunk $280M into a combination of acquisition, air rights and pre-construction costs for the site. [TRD]
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