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Chetrit Group to Convert West Side Rentals into Below-Market Condos 

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The Chetrit Group will convert the Cassa Hotel and Residences at 515 Ninth Avenue into condominiums. An offering plan has already been filed at the New York Attorney Generalu2019s office.

Offering plan cites $117.5 million sellouts of 108 apartments at 515 Ninth Avenue 

The Chetrit Group will convert the Cassa Hotel and Residences at 515 Ninth Avenue into condominiums. An offering plan has already been filed at the New York Attorney General’s office. 

The plan will call for the sale of 108 units at a total sellout price of $117.5 million. This figure will be below the Manhattan new development average of $4.8 million in the first quarter, according to the appraisal firm Miller Samuels. 

The Chetrit Group is a family owned business controlled by Joseph, Meyer, Jacob and Juda Chetrit. In the 1980’s and 1990’s Chetrit owned a stake in Chicago’s Willis Tower. Ironically, the Chetrit group puts itself on the map through their botched attempt to renovate the Chelsea Hotel at 222 West 23rd Street. The goal was to evict long-term tenants in order to make the Chelsea into a luxury hotel. The Group failed at this endeavor and sold the hotel in 2013. 

Other failed endeavors which the Chetrit group bought and sold include 450 West 33rd Street, the former headquarters of the Daily News, the International Toy Center located at 200 Fifth Avenue and 1107 Broadway. The Chetrit family came to America and initially specialized in textile and shipping. In 1996, David Chetrit and his father Simone were arrested and jailed in Morocco and he was cited as an example of injustice in U.S. State Department’s human right report. 

In 1990, Joseph Chetrit pleaded guilty to one felony count of violating customs laws and was sentenced to three months of probation. This prompted him to move into the real estate sector. 

The Chetrits first sold select condominiums at this location five years back at what was then a vacant development site. When Chetrit had taken a stake in Assa Properties parcel, he did so with a partner nicknamed the “Wolf.” The developers built a 12-story hotel and rental building that had opened in 2014. 

An entity linked to Assa had bought the site from Rosedale Equities back in 2006. Records show that the anonymous buyer paid $36.3 million. Chetrit is a family owned business and has ranked among the city’s most active condo developers over the course of many years. 

In February of this year, a 99-unit conversion at 49-51 Chambers Street was prepared to sell for $334 million. 

Partnered with Clipper Equity, Chetrit also recently canceled plans to convert the office building at 550 Madison Avenue into a 96-unit, $1.9 billion dollar residence. 

The units at the location on 515 Ninth Avenue will average just over $1 million.

By: Svetlana Rusikaya

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