The Real Deal New York

Chetrit Group moving forward with Hudson Yards development

Company takes site off the market, recapitalizes with $60 million loan

August 04, 2015 03:10PM
By Rich Bockmann

From left: 541 West 37th Street and Joseph Chetrit

From left: 541 West 37th Street and Joseph Chetrit

The Chetrit Group landed a $60 million acquisition loan for its Hudson Yards development site, and is renewing plans to develop the property it had put on the market earlier this year.

Brothers Joseph and Meyer Chetrit closed on the loan last week, which covers acquisition and pre-development costs for the site, which the company purchased in 2012.

The Bank of Ozarks provided the financing, which was arranged by Adi Chugh’s Maverick Capital Partners.

The developers paid $26.5 million three years ago to acquire 541-545 West 37th Street, and an additional $29 million for building bonuses available to projects in the Hudson Yards neighborhood. The development site runs between 37th and 38th streets east of Eleventh Avenue and can accommodate a building of up to 373,000 square feet.

The Chetrit Group is considering an ultraluxury hotel for the Sony Building at 550 Madison Avenue, the New York Post reported in June. The Sony Building is also the home of a record $150 million penthouse listing.