Chetrit pays $35M to complete purchase of old Standard Oil Building land

New York /
Jan.January 06, 2010 10:07 AM

The Chetrit Group paid $34.925 million to buy a leasehold interest on a portion of the ground under the former Standard Oil Building at 26 Broadway in Lower Manhattan, a building it bought two years ago.

Midtown-based property investment company Chetrit Group bought the 31-story office building at the corner of Broadway and Beaver Street — as well as two out of three parcels of land under the building — in March 2007 for $225 million. But the third parcel, known as the Smathers Parcel, remained under separate ownership through a long-term lease, city property records show.

Chetrit Group closed on the purchase of the Smathers Parcel Dec. 30, after going into contract in March 2007, city records published yesterday show.

The holder of the lease was a trust of Elmer Ellsworth Smathers, who signed a 99-year lease with Standard Oil in 1920 that was set to expire in 2019. He died in 1928.

The Standard Oil Building, built by the oil giant and mostly completed in 1926, was designated a city landmark in 1995.

It was not widely known that a portion of the property was leased, several brokers said.


Related Articles

arrow_forward_ios
(Getty, Winick)
Chetrit Group sells 1231 Third Avenue
Chetrit Group sells 1231 Third Avenue
The Chetrit Organization’s Michael Chetrit, Harbor Group International CEO Jordan Slone and 850 Third Avenue (Harbor Group, 850thirdavenue)
Chetrit Org’s 850 Third Avenue heads to foreclosure auction
Chetrit Org’s 850 Third Avenue heads to foreclosure auction
Joseph Chetrit with the Tides Hotel  (Getty, Tides via Facebook)
Chetrit’s lender alleges it stole $2M insurance payout for South Beach hotel damage
Chetrit’s lender alleges it stole $2M insurance payout for South Beach hotel damage
(Moinian Group, CVS)
CVS signs lease for 512 7th Avenue store
CVS signs lease for 512 7th Avenue store
Joseph Chetrit with 427 and 459 (left) Broadway (Getty, Beyond My Ken/Wikimedia)
Chetrit Group falls behind on Soho portfolio mortgage
Chetrit Group falls behind on Soho portfolio mortgage
Joseph Chetrit, Jordan Slone (Getty, NADLAN)
Harbor buys nearly 5,500-unit portfolio from Chetrit for $390M
Harbor buys nearly 5,500-unit portfolio from Chetrit for $390M
315 West 35th Street with Isaac Chetrit and DJ Dashti (Google Maps, Linkedin, iStock)
Chetrit to open flex-office location near Penn Station
Chetrit to open flex-office location near Penn Station
261 Madison Avenue and 205 East 42nd Street are among the closed locations. (Sapir, Durst, WeWork)
WeWork dumps several Manhattan locations
WeWork dumps several Manhattan locations
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...