Stanley Chera dishes on the Knickerbocker

New York /
Jun.June 28, 2010 09:00 AM

Stanley Chera

The Gap, along with several other major retailers, may soon be on their way to the recently-sold Knickerbocker Hotel, Stanley Chera, founder of Crown Acquisitions, told the New York Times. As The Real Deal first reported, Crown acquired the iconic property with Highgate Holdings earlier this month. Chera said its transformation into a 400-room hotel and retail complex should be complete within 24 to 30 months. He also has interests along Fulton Street in Brooklyn, where Crown recently closed a deal on a Long Island University student housing and retail building. Chera said his aim is to turn Fulton Street, the sixth-largest shopping corridor in the city, into “a 24-hour street — a small Times Square.” Other burgeoning submarkets are Red Hook and the World Trade Center neighborhood, said Chera, who is an investor in the long-delayed rebuilding project. “If you’re a developer and you have deep pockets, you could buy any of these office buildings in Lower Manhattan today and in three to five years you’ll make a fortune,” Chera said. [NYT]

 

Related Articles

arrow_forward_ios
NYC hotels hoping for holiday business swell likely to be disappointed
NYC hotels hoping for holiday business swell likely to be disappointed
NYC hotels hoping for holiday business swell likely to be disappointed
Clockwise from top left: 2875 Morningside Heights, 38-21 12th Street in Long Island City, 46 Nevins Street in Brooklyn (Google Maps)
Investors flip NYC industrial, hotel, office buildings in pre-holiday frenzy
Investors flip NYC industrial, hotel, office buildings in pre-holiday frenzy
Brookfield weighs $1.5B hotel portfolio sale
Brookfield weighs $1.5B hotel portfolio sale
Brookfield weighs $1.5B hotel portfolio sale
Ty Warner and the Four Seasons at 57 East 57th Street (Getty, Google Maps)
Midtown’s Four Seasons caught in tiff between owner and hotel brand
Midtown’s Four Seasons caught in tiff between owner and hotel brand
Mark Siffin of Maefield Development and 20 Times Square (Maefield)
Maefield’s Times Square Edition hitting auction block
Maefield’s Times Square Edition hitting auction block
Shuttered Courtyard by Marriott LaGuardia up for sale
Shuttered Courtyard by Marriott LaGuardia up for sale
Shuttered Courtyard by Marriott LaGuardia up for sale
Oklahoma City developer reviving shuttered Martinique Hotel
Oklahoma City developer reviving shuttered Martinique Hotel
Oklahoma City developer reviving shuttered Martinique Hotel
Bridgeton Holdings lists its 2 East Hampton hotels
Bridgeton Holdings lists its 2 East Hampton hotels
Bridgeton Holdings lists its 2 East Hampton hotels
arrow_forward_ios

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

Loading...