The Real Deal New York

Chetrit, Cornell Realty reveal plans for building on 34th Street

Mixed-use structure to go on site recently approved for demolition

March 12, 2014 01:00PM
By Zachary Kussin

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Joe Chetrit and 345-347 W. 34th St. (Credit: Google)

Joseph Chetrit and 245-247 W. 34th St.

Plans today were filed to construct a new 17-story mixed-use building at 245 West 34th Street — a structure that will rise at a site owned by the Chetrit Group and Cornell Realty Management that won city approval for demolition just last week. The plans, filed by Cornell, propose hotel and retail uses with a total of 45,026 square feet, according to city Department of Buildings records.

Broken down, the proposed building will have a total of 8,257 square feet of commercial and 36,769 square feet of residential. The lot is located between Seventh and Eighth avenues.

Records indicate that the hotel portion will contain 180 keys, though a source told The Real Deal that it will have 108.

The Chetrit Group, in partnership with the Brooklyn-based Cornell Realty Management, purchased 245 and 247 West 34th Street on Jan. 9 for $31.5 million, as The Real Deal reported last week. Both buildings traded for $15.7 million apiece, and were previously owned by the Cohen family of the Brooklyn-based retailer Conway Stores.

Chetrit declined to comment on the plans. Representatives for Cornell did not immediately respond to a message seeking comment and additional information.

Architect Gene Kaufman is listed as the applicant of record. He said a representative from his firm would call later.

The Chetrit Group is making moves in the area. Late last month, the DOB approved the demolition of four commercial buildings located near Hudson Yards, which Chetrit bought for $26.5 million in October 2012, as The Real Deal reported.

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