The Real Deal New York

Chetrit aims for $334M sellout at 49 Chambers conversion

Developer paid city $89M for FiDi building in 2013

January 21, 2016 12:10PM
By E.B. Solomont


From left: 49-51 Chambers Street and Joseph Chetrit

Amid a Downtown condominium boom, the Chetrit Group is aiming for a $334 million sellout of its forthcoming conversion of 49 Chambers Street in the Financial District.

The developer is planning 81 condominium units at the 14-story Beaux-Arts building, according to an offering plan filed Jan. 12 with the state’s Attorney General’s office. 

The property was once home to Emigrant Industrial Savings Bank and, in recent years, New York City government offices. Chetrit paid the city $89 million for the building in 2013.

Condominium units will range from one- to four-bedrooms. Plans filed with the Department of Buildings call for six condos on the second floor; seven units on floors three through nine; six apartments on floors 10 through 12; five on floor 14; and three on the 15th floor.

The Marketing Directors is handling sales.

Chetrit — the developer behind the conversion of the Sony Building at 550 Madison Avenue – will face competition from nearby developments Downtown, including Ben Shaoul’s 161-unit condo conversion at 100 Barclay. Roughly 823 units are set to hit the market Downtown in 2016, according to projections last year from the Marketing Directors.

The median sale price for new development units was just over $2 million during the fourth quarter, according to appraisal firm Miller Samuel.