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The Chetrit Family and Jay Group secured $117 million to refinance their mortgage at Sunrose Tower, an apartment building in Upper Harlem.
Any real solution would have to come from federal policy changes, leaders say.
All of the units will be market rate, and the project is not using a government program to incentivize residential conversions
214 West 109th Street and Isaac Chetrit (Google Maps) The Chetrit brothers are using some of their Uniqlo cash to buy a stake in a $400 million apartment portfolio. Isaac and Eli Chetrit are in contract to acquire a roughly 50 percent interest in a group of Manhattan multifamily buildings owned by Josh Gotlib’s Black Spruce Management for approximately $200 million, sources told The Real Deal. The recapitalization values the 60-building portfolio at about $400 million, and comes as the city’s investment sales market slowly grinds out a return to normal. The buildings, located around 49th ...
The Chetrits and Yadidi purchased the 18-story, 120,790-square-foot property for $62.5 million in 2012 and have been looking to shed it for several years. The delay could have been pandemic-related, but it’s not certain and the owners would not confirm. They had also listed another property for sale nearby in 2017: 22 W. 48th St. They hoped to score between $190 million and $200 million for both of them, which are mostly leased up by jewelers. Another building in the glittery district was put on the market for $113 million in October. The 12-story property at 576 Fifth. Ave. is run by Sev...