As New York City, the entire nation and the planet for that matter continue to grapple with the resultant affects of the coronavirus pandemic, it appears that in the world of NY real estate, two mid-market sales took place last week.
The first was an upper east side townhouse owned by famed real estate developer and renowned philanthropist, Joseph Chetrit. On Tuesday, Chetrit’s tony digs ar 118 East 76th Street was sold for a little less than $25 million. As the Jewish Voice previously reported, the original price on the luxury pad in 2017 was $39 million. Chetrit had first purchased the property from Lenox Hill Hospital, back in 2007.
Due to the sudden emergence of the COVID-19 pandemic and the unsteadiness of the stock market, the selling price of the eight-bedroom, 32-foot-wide townhouse on East 76th Street had to be renegotiated.
Other swanky amenities include an elevator, a rooftop garden and a cigar bar, according to the Mansion Global report. The top floor of this luxury pad that has a glass-enclosed gym that overlooks a 36-foot long swimming pool, according to the Douglas Elliman listing with Tal Alexander and Richard Steinberg.
Chetrit is a name that is well known in Brooklyn’s Sephardic Jewish community. As both a savvy investor and philanthropist, Chetrit came from humble beginnings in Morocco. Chetrit was born in Morocco to Simon and Alice Chetrit. He has four brothers: David, Meyer, Jacob and Juda Chetrit. The Chetrit family made their initial fortune in textiles and shipping.
In 2013, Chetrit and his partner David Bistricer, purchased the Sony Tower in New York City for $1.1 billion, according to a Wikipedia report, with plans to convert the building into condominiums. In 2016, they halted the project due to fears of an over-supply of luxury housing; instead selling the building for $1.4B+ to the Olayan Group of Saudi Arabia. Additional projects include the renovation of the Temple Court Building and Annex with Charles Dayan; and the $290 million 2005 purchase along with partners Charles Dayan and Yair Levy of the 800,000 square foot historic 620 5th Avenue and its 2011 sale to RXR Realty, LLC for $500 million.
The other mid-market sale was a mixed-use building in Greenwich Village, according to the Real Deal web site.
An LLC based in Boca Raton bought 205 Bleecker Street in Greenwich Village for $10 million from Infinity Real Estate. The six-story mixed-use building spans about 22,000 square feet and contains 40 residential units, according to the city, as was reported by the Real Deal.