Chetrit, Levy put 620 Sixth up for grabs

TRD New York /
Jun.June 08, 2011 05:58 PM

A partnership of Joseph Chetrit, Yair Levy and Charles Dayan is looking to unload 620 Sixth Avenue, and according to the Observer, the nearly 800,000-square-foot mammoth anchored by Bed Bath & Beyond could fetch around $500 million in a sale. The landlords purchased the Chelsea property for $289.8 million in 2005, taking out a $235 million mortgage that they nearly defaulted on in the years following. But if recent blockbuster sales in the area are any indication ($900 million for the Starrett-Lehigh Building and $2 billion for 111 Eighth Avenue), it looks like they have a good chance of cashing in. For a buyer, the building appears to have significant upside, to boot. There are 250,000 square feet of additional development rights atop the existing structure, plus 75,000 square feet at an adjacent site that is zoned to allow for hotel development. Meanwhile, 620 Sixth Avenue‘s top two office floors, which offer 170,000 feet of contiguous space, are vacant, and one-third of the retail space is currently rented at below market rate (besides Bed Bath, retailers include Marshall’s and TJ Maxx). Douglas Harmon of Eastdil Secured has nabbed the listing. [NYO]


Related Articles

arrow_forward_ios
Roy March, Eastdil Secured CEO

Eastdil Secured makes staffing cuts

Eastdil Secured makes staffing cuts
110 East 76th Street and Joseph Chetrit (Credit: Google Maps; Sylvain Gaboury/Patrick McMullan via Getty Images)

Joseph Chetrit sells UES townhouse for $25M

Joseph Chetrit sells UES townhouse for $25M
He sold the Willis Tower and the GM Building. But can Doug Harmon sell the Mountain?

He sold the Willis Tower and the GM Building. But can Doug Harmon sell the Mountain?

He sold the Willis Tower and the GM Building. But can Doug Harmon sell the Mountain?
2 Grand Central and from left Rockwood Capital's Walter Schmidt, Robert Gray and Peter Falco (Credit: iStock)

Rockwood looks to get nearly $600M for Grand Central office tower

Rockwood looks to get nearly $600M for Grand Central office tower
118 East 76th Street and Developer Joseph Chetrit (Credit: Google Maps and Getty Images)

Manhattan luxury home market off to worst start in seven years

Manhattan luxury home market off to worst start in seven years
Clockwise from left: JLL's Michele Mahl, Savills' Peter Hennessy, Eastdil Secured's Will Silverman, Christie’s Brian Meier, Nest Seekers' Mike Fabbri and Compass' Charlie Attias 

These were the biggest broker comings and goings of 2019

These were the biggest broker comings and goings of 2019
Jonathan Firestone (Photo credit: Eastdil Secured)

Top Eastdil broker in LA heads to NY to boost capital markets team

Top Eastdil broker in LA heads to NY to boost capital markets team
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
arrow_forward_ios

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

Loading...