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

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In a major Midtown South transaction, Ray and Payman Yadidi of Sioni Group have acquired a 22-story office building at 363 Seventh Avenue in Chelsea for $21.34 million. The deal, brokered by BK Real Estate Advisors, highlights the shifting landscape of New York City’s office market and investor appetite for well-located, value-add assets.

Key Transaction Highlights:

• Prime Chelsea Location: The 83,642-square-foot office building is situated at the corner of Seventh Avenue and West 30th Street, steps from Penn Station and Madison Square Garden.
  
  
• Purchased for $21.34M: The final sale price represents a significant discount from the property’s previous $35.7 million sale in 2014.
  
  
• $255 Price Per Square Foot: With a competitive PPSF, the transaction reflects a notable opportunity amid a recalibrating office market.
  
  
• Buyer: Sioni Group: Led by Ray and Payman Yadidi, the firm adds another strategically located asset to its growing New York portfolio.
  
  
• Seller: Empire Management: Fred Ohebshalom’s Empire offloaded the building after over two decades of ownership, having originally acquired it in 2000.
  
  
• Brokers: BKREA Team: Faraz Cheema, Bob Knakal, Ryan Candel, and Jas Saini of BK Real Estate Advisors successfully marketed and negotiated the sale.
  
  

Frequently Asked Questions (FAQ):

What is the significance of 363 Seventh Avenue’s location?

It’s in the heart of Chelsea and Midtown South, near major transit hubs and entertainment landmarks, making it an attractive long-term asset.

Why did the sale price drop from $35.7M in 2014 to $21.34M in 2025?

The decline reflects broader office market corrections, changes in tenant demand, and shifting investor expectations for Class B office buildings.

Who brokered the deal?

The sale was handled by BK Real Estate Advisors, with brokers Faraz Cheema, Bob Knakal, Ryan Candel, and Jas Saini representing the transaction.

Is this building zoned for residential conversion?‍

No. According to Bob Knakal, the property is not zoned for residential use.

What are Sioni Group’s plans for the building?

While official plans have not been announced, the firm is known for repositioning and strategically investing in central Manhattan properties.

Where can I find more information on similar deals?‍

Visit BobKnakal.com or Traded.co for real-time deal updates and market insights.

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