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

TRD 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
150 East 86th Street (Google Maps)

Barnes & Noble closing on Upper East Side

Barnes & Noble closing on Upper East Side
Joseph Chetrit and 88-20 153rd Street (Credit: Getty Images, Google Maps)

Chetrit plans fifth apartment building at Jamaica hospital site

Chetrit plans fifth apartment building at Jamaica hospital site
Joseph Chetrit and 98 Montague Street in Downtown Brooklyn (Credit: Getty Images and Google Maps)

Chetrit Group lands $112M refi for Hotel Bossert project

Chetrit Group lands $112M refi for Hotel Bossert project
Joseph Chetrit and a rendering of 150-13 89th Avenue (Credit: Getty Images)

Chetrit nabs $200M refi for huge Jamaica project

Chetrit nabs $200M refi for huge Jamaica project
Renderings of Brookfield's Bankside in the South Bronx (Credit: ArX Solutions)

This is what Brookfield’s South Bronx megaproject will look like

This is what Brookfield’s South Bronx megaproject will look like
Chetrit buys national portfolio of 10K+ rental units

Chetrit buys national portfolio of 10K+ rental units

Chetrit buys national portfolio of 10K+ rental units
Joseph Chetrit and 500 Metropolitan Avenue

Chetrit Group lands $133M refi for Williamsburg resi, hotel project

Chetrit Group lands $133M refi for Williamsburg resi, hotel project
According to the lawsuit, the water is damaging the home of the developer's downstairs neighbor

Jacob Chetrit’s UES penthouse is leaking dirty water into his downstairs neighbor’s home: lawsuit

Jacob Chetrit’s UES penthouse is leaking dirty water into his downstairs neighbor’s home: lawsuit
arrow_forward_ios

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

Loading...