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Spare a Quarter?
The music has stopped for German co-living brand Quarters, whose U.S. expansion is ending in bankruptcy.
Eight properties and two LLCs tied to the company filed for Chapter 7 bankruptcy, listing between $1 million and $5 million in combined liabilities and less than $500,000 assets.
Quarters is an offshoot of Berlin-based Medici Living Group, which was founded in 2012 and pitched itself as the “WeWork of co-living.” After raising $1.4 billion to add locations in Europe, Quarters raised $300 million to expand to the U.S. in early 2019. The company signs master leases and then operates co-living spaces.
As of 2019, Quarters was aiming to have 9,000 rooms globally but by last year it only had 5,000. It now claims to have 3,000 rooms with 95 percent occupancy.
Crown, which owns one of New York’s biggest retail empires, was founded by the late Stanley I. Chera, who died in April 2020. Isaac and Richard Chera, two of Stanley’s sons, run the company. Their brother, Haim, moved over to Vornado when Crown acquired a 24 percent stake in the real estate investment trust’s retail portfolio. Crown also has a brokerage arm, Crown Retail Services.
Crown benefited from the city’s retail boom of the mid 2010s, leaving it exposed to retail’s subsequent downturn. After the Gap did not pay rent at 170 Broadway, Crown defaulted on the $70 million mortgage covering the retail condo at the Financial District property.
Donald Trump and Alex Adjmi (Photos via Getty; GOSO NYC)
Alex Adjmi, a mainstay of the Syrian Jewish community that dominates the Manhattan retail market, received a presidential pardon, the White House announced early Wednesday. Adjmi was convicted of money laundering for a Colombian drug cartel in 1996 and served 44 months in prison.
Adjmi is the head of A&H Acquisitions, a major but under-the-radar real estate player across Manhattan, Brooklyn, Chicago and Los Angeles. A&H has or previously had stakes in properties including 529 and 568 Broadway in Soho, 213 West 34th Street in Midtown, 21 Ninth Avenue in the Meatpacking District, and 9570 Wilshire Boulevard in Beverly Hills. It often partners with other big investors from the community on these deals, including Jeff Sutton, Aurora Capital Associates, and Crown Acquisitions, whose founder, Stanley Chera, was a prominent backer of President Trump.