Chetrit to buy 1.5-acre Gramercy site for $150M

New York /
Mar.March 04, 2013 09:30 AM

Continuing his New York investment spree, Joseph Chetrit is in contract to buy a 1.5-acre site next to Gramercy Park for over $150 million, the Wall Street Journal reported. 

The Chetrit Group and partners agreed to buy the former Cabrini Medical Center, a hulking five-building complex located at Second Avenue and East 19th Street, a source familiar with the transaction told the Journal. The site — which was purchased over two years ago by Memorial Sloan-Kettering Cancer Center for roughly $83 million — has been touted as an opportunity to create a 400,000-square-foot residential complex in one of Manhattan’s most desirable neighborhoods.

Chetrit and the same partners recently purchased Sony’s Madison Avenue headquarters at 550 Madison Avenue for $1.1 billion, more than four times what Sony paid for the building in 2002. In February, Chetrit also paid $180 million to acquire the 46-story, 289-room Flatotel property in Midtown, and plans to convert the building into high-end condominiums. [WSJ]Hiten Samtani 


Related Articles

arrow_forward_ios
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
From left:  Joseph Chetrit, 404 Fifth Avenue and WeWork CEO Sandeep Mathrani (Photos via Wikipedia Commons; Google Maps)
WeWork battles Chetrit Group over Midtown lease
WeWork battles Chetrit Group over Midtown lease
Joseph Chetrit and 49 Chambers (Getty, 49 Chambers)
Chetrit lands $90M inventory loans for Tribeca condo conversion
Chetrit lands $90M inventory loans for Tribeca condo conversion
Clockwise from top: David Bistricer of Clipper Equity, Joseph Chetrit a rendering of the Gramercy Square condominium and Robyn Sorid of G4 Capital Partners (Photos via Clipper Equity, Getty, VUW, G4)
Chetrit, Bistricer’s Gramercy Square condo lands $207M loan
Chetrit, Bistricer’s Gramercy Square condo lands $207M loan
Sharif El-Gamal, Joseph Chetrit and 1384 Broadway (Getty; Google Maps)
Chetrit Group sues Sharif El-Gamal for unpaid rent
Chetrit Group sues Sharif El-Gamal for unpaid rent
2870 Ocean Avenue and Isaac Chetrit, and 936 Home Street (Google Maps) 
Chetrit family’s dev site buy tops weekly mid-market sales
Chetrit family’s dev site buy tops weekly mid-market sales
arrow_forward_ios

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

Loading...