The Real Deal New York

Chetrit refinances Suspenders Building

Developer lines up $71M loan for mixed-use property at 428 Broadway

January 20, 2015 04:29PM

428 Broadway (inset: Joseph Chetrit)

428 Broadway (inset: Joseph Chetrit)

Joseph Chetrit’s firm Chetrit Group refinanced the Soho mixed-use building known as the Suspenders Building, obtaining a $70.5 million loan.

The mortgage for the cast-iron building at 428 Broadway comes from Greenwich, Conn.-based Jeffries LoanCore. Chetrit Group purchased the property, which houses retail and office space, for $22.5 million in 2005, the New York Observer reported. The six-story building sits at the corner of Howard Street.

The loan appears to replace a $57.9 million note from PB Capital that was obtained in 2012. That loan was backed by five of Chetrit’s properties and was transferred to Union Bank when PB’s commercial real estate unit was sold to Union in 2013.

In October, Chetrit Group filed its first plans to convert the former Sony Building at 550 Madison Avenue to residential. In December, the developer purchased a block-long site in the Bronx for $32 million. [NYO] — Tess Hofmann

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