From left: Allen Gross, the exterior of 5 Beekman Street and its atrium

A joint venture partnership including New York Ace Hotel owner and GFI Capital Resources Group President Allen Gross’ GB Lodging is set to purchase the Temple Court building, a nine-story city landmark at 5 Beekman Street formerly owned by the Chetrit Group and Bonjour Capital, GFI told The Real Deal today.

The acquisition is one of the private equity hotel investment firm GB’s first since it was founded last year by Gross and former Chartres Lodging Group partner Bruce Blum. GB is a division of GFI, a spokesperson for the company said, declining to comment further on the acquisition other than to say there were others involved in the deal. The price was not clear. [more]

From left: Hotelier Andre Balazs, Neil Gronowetter, chairman of Multifamily Investor and 5 Beekman Street

An independent Manhattan broker who says he brought famed hotelier Andre Balazs to buy the 10-story building 5 Beekman Street in Lower Manhattan, claims that the sellers Bonjour Capital and Chetrit Group are refusing to pay him a 1 percent commission, a lawsuit filed in New York State Supreme Court yesterday shows.

The broker, Neil Gronowetter, chairman of his single-broker shop Multifamily Investor, says in July 2010 he introduced Balazs to representatives of Bonjour Capital, who promised him verbally that he would receive a 1 percent commission, the lawsuit says.

Balazs is reportedly in contract to buy the 128,000-square-foot property built in 1883, which Bonjour and the Chetrits planned to convert to a 200-room hotel after buying it for $61 million in 2008. [more]

Developer Joseph Chetrit just won a round in his court battle with Bonjour Capital’s Charles Dayan over the future redevelopment of the Temple Court at 5 Beekman Street, the Post reported. Chetrit had to lay out both his and Dayan’s share of additional funds to extend and reduce their mortgage commitment to just over $20 million from about $53 million. Now, a judge has ordered Dayan to pay, and Stephen Meister, Chetrit’s lawyer, said he will start enforcing the judgment, which is worth about $2.55 million. Dayan said he disagrees with the court ruling and intends to appeal. [Post, 6th item] [more]

5 Beekman Street

Developer Jacob Chetrit filed a $50 million lawsuit against Bonjour Capital’s Charles Dayan, alleging the investment partner reneged on a deal to pay off a defaulted construction loan after the lender filed to for [more]

5 Beekman Street

Developer Jacob Chetrit filed a $50 million lawsuit against Bonjour Capital’s Charles Dayan, alleging the investment partner reneged on a deal to pay off a defaulted construction loan after the lender filed to for [more]

The Temple Court building, a nine-story city landmark at 5 Beekman Street, might soon be restored, despite foreclosure proceedings, the Wall Street Journal reported. Erected in 1881, the building is now owned by Chetrit Group and Bonjour Capital, which paid $61 million for it in 2008. A foreclosure action was filed against those owners in September, according to court records. But the documents show settlement talks were underway, and a deal may be signed within the next few days, sources told the Journal, setting the stage for the Chetrit-Bonjour venture to move forward with reconstruction plans. In the past, the owners have filed building plans to convert the 128,000-square-foot site into a hotel with more than 180 rooms. [WSJ]

[more]

The Temple Court building, a nine-story city landmark at 5 Beekman Street, might soon be restored, despite foreclosure proceedings, the Wall Street Journal reported. Erected in 1881, the building is now owned by Chetrit Group and Bonjour Capital, which paid $61 million for it in 2008. A foreclosure action was filed against those owners in September, according to court records. But the documents show settlement talks were underway, and a deal may be signed within the next few days, sources told the Journal, setting the stage for the Chetrit-Bonjour venture to move forward with reconstruction plans. In the past, the owners have filed building plans to convert the 128,000-square-foot site into a hotel with more than 180 rooms. [WSJ]

[more]

A California-based bank has filed to foreclose on a $45.7 million
acquisition loan made to a partnership that includes developers Jacob
Chetrit and Charles Dayan, who planned to convert an 1883 office
building near City Hall into a luxury hotel. The partners bought the landmarked 10-story building at 5 Beekman Street at Nassau Street in March 2008 for $61 million,
taking out the loan from Pacific National Bank at the same time,
according to the foreclosure lawsuit filed by the lender August 4 in
New York State Supreme Court. The bank filed the foreclosure after the borrowers failed to make their July mortgage payment, the suit says. [more]