Silver One International and Blue Star Clothing Acquire Garment District Office Building for $49M

Silver One International and Blue Star Clothing have acquired a 43,094 SF office building in the Garment District for $49M from Ray and Jack Yadidi. The property is located at 44 West 37th Street and is zoned M1-6.

The building was constructed in 1920 and features 12 stories. It is currently 95% leased to a mix of fashion and tech tenants. The property’s proximity to the Fashion Institute of Technology and the Garment District’s many showrooms and factories make it an attractive location for fashion industry tenants.

The buyer, Silver One International, is a luxury travel company founded by Jack Ezon. Blue Star Clothing is a fashion company founded by Sion Betesh. Both buyers have a strong presence in the fashion industry, making the acquisition of this property a strategic move for their businesses.

The seller, Ray and Jack Yadidi, are real estate investors who have owned the property since 2007. They purchased the building for $24M and have nearly doubled their investment with this sale.

The sale was brokered by Soly Halabi of Venture Capital Properties. Halabi has been active in the Garment District market for over 20 years and has a deep understanding of the area’s unique real estate dynamics. His expertise was instrumental in bringing this deal to fruition.

Overall, this acquisition represents a strong investment opportunity for Silver One International and Blue Star Clothing. The building’s location in the heart of the Garment District and its mix of fashion and tech tenants make it a stable and attractive asset. As the fashion industry continues to rebound from the pandemic, the property’s value is likely to appreciate even further.