I
saac Chetrit and Jack Yadidi are moving forward with plans to transform the former Stewart Hotel in Midtown into a 625-unit apartment complex. Sioni Group, led by Yadidi, has filed new plans for the project at 371 Seventh Avenue, which was previously a 618-key hotel that closed in 2022. The site is currently home to a handful of rent-regulated tenants with uncertain futures.

    The updated proposal calls for a 31-story, 470,000-square-foot residential building, similar to an earlier filing by Chetrit's Patriarch Equities and Sioni Group in 2022. That plan was ultimately withdrawn. The new application lists Yadidi as the owner and C3D Architecture's Damir Sehic as the filer.

    The Stewart Hotel site has been owned by a partnership including Patriarch, Sioni, and Highgate since 2016, when they acquired it for $217.5 million with a $158.8 million loan from Blackstone. Tao Group later took on a stake in the property. In March, Isaac Chetrit and his brother Eli bought out Highgate's interest, seen as a step towards converting the site.

    However, six rent-regulated tenants remain in one-bedroom apartments, paying between $753 and $1,296 per month. It is unclear whether they will be required to relocate or how willing they are to do so. The Chetrits and Sioni are also developing a mixed-use skyscraper at 100 West 37th Street, which would feature a 69-story tower with 300 residential units.