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Acquisitions

Sioni Group buys 240 West 40th Street

Mack Real Estate and Signature Bank provided the debt

240 West 40th Street (Credit: Google Maps)

Ray Yadidi’s Sioni Group has closed on its acquisition of 240 West 40th Street from JPMorgan Chase, Olmstead Properties, and Jonathan Rose Companies for $105 million. Yadidi secured a $82.5 million loan from Mack Real Estate and Signature Bank, CO reported.

Financing Breakdown: Signature Bank provided a $62 million first mortgage, while Mack provided a $20.5 million mezzanine loan.

Dig Deeper: The office building spans 160,000 square feet, and is located between Seventh and Eighth Avenues. With the leases set to expire in July 2020, Yadidi will have the option of renovating the Class-B office building.

Flashback: The sellers paid $85 million for the property in 2015.

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