Chetrit is latest to make Far West Side play

August 16, 2012 08:30AM

For the third time in two days, major property news is emerging from the Far West Side near the Jacob Javits Center. A day after The Real Deal reported Rockrose Development closed on its purchase of a West 39th Street development parcel and the Imperatore family reportedly began exploring a sale of a 1 million-square-foot development site across 11th Avenue from the Javits Center, Crain’s reported that Joseph Chetrit has entered contract to buy property in the area for $26 million.

Chetrit acquired a block through site of four adjacent lots, partly occupied by industrial buildings, on the north side of West 37th Street between 10th and 11th avenues for $26 million. The site was purchased from Fortress Credit Corp., the lender that took title to the property when an ownership group headed by Baruch Singer defaulted on a $55 million loan on the site last year.

The property allows for a mostly commercial building of up to 373,275 square feet if Chetrit purchases additional available air rights. The site was marketed by Massey Knakal Realty Services. [Crain’s] — Adam Fusfeld