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Ray Yadidi And Payman Yadidi Of Sioni Group Acquire Office Building In Chelsea For $21.34M

Property Image
SOLD
$21,340,000
Robert (Bob) Knakal
Ryan Candel
Ray Yadidi
+ 3

New York

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Office83,642 SF
Sold 02/26/2025
the dealplayerscompscontact
Property Image
SOLD

Ray Yadidi And Payman Yadidi Of Sioni Group Acquire Office Building In Chelsea For $21.34M

363 Seventh Avenue

See Similar Deals
Office83,642 SF
Sold 02/26/2025
Robert (Bob) Knakal
Ryan Candel
Ray Yadidi
+ 3
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Office
Price Per Square Foot:$255
Total Square Footage:83,642 SF
Transaction Type:Sale

The property asset involved is an office building located at 363 7th Avenue in Chelsea, Manhattan. The property was sold for a total of $21,340,000, encompassing a total square footage of 83,642 and a price per square foot of $255.

Summary of transaction details:

Ray Yadidi’s Sioni Group has acquired the office building from Empire Management, marking a significant decline from its previous purchase price of $35.7 million in 2014.

Players

Robert (Bob) Knakal
BKREA
Robert Knakal
65 deals$3.4B volume(907) 509-9501
BROKER
Ryan Candel
BKREA
Ryan Candel
3 deals$45.9M volume(212) 812-5700
BROKER
Faraz Cheema
BKREA
Faraz Cheema
1 deal$21.3M volume(202) 274-0835
BROKER
Jas Saini
BKREA
Jas Saini
2 deals$41.4M volume(571) 447-0489
BROKER
Ray Yadidi
Sioni Group
Ray Yadidi
12 deals$1.1B volume
BUYER
Sioni Group
Sioni Group
BUYER
Fred Ohebshalom
Empire Management
Fred Ohebshalom
7 deals$260.9M volume
SELLER

Details

SOLD
IMAGE: Ray Yadidi, Fred Ohebshalom, Faraz Cheema, Robert Knakal, Ryan Candel & Jas Saini DATE: 02/26/2025 ADDRESS: 363 7th Avenue MARKET: Chelsea, Manhattan ASSET TYPE: Office BUYER: Payman Yadidi & Ray Yadidi - Sioni Group (@Sioni_Group) SELLER: Fred Ohebshalom - Empire Management BROKERS: Faraz Cheema (@Faraz.Cheema.CRE), Robert Knakal (@BobKnakalNYC), Ryan Candel & Jas Saini (@Jassaini.CRE) - BK Real Estate Advisors SALE PRICE: $21,340,000 SF: 83,642 ~ PPSF: $255 NOTE: Ray Yadidi’s Sioni Group acquired the office building at 363 Seventh Avenue in Penn Plaza, Manhattan, for $21.3M from Empire Management, marking a significant drop from its 2014 purchase price of $35.7M.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,138,133.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$75,816.52
Cash-on-Cash Return-1.27%
Monthly Debt Service$101,162.49
Annual Debt Service$1,213,949.85