Chetrit, Cornell Realty reveal plans for building on 34th Street

Mixed-use structure to go on site recently approved for demolition

New York /
Mar.March 12, 2014 01:00 PM

Plans today were filed to construct a new 17-story mixed-use building at 245 West 34th Street — a structure that will rise at a site owned by the Chetrit Group and Cornell Realty Management that won city approval for demolition just last week. The plans, filed by Cornell, propose hotel and retail uses with a total of 45,026 square feet, according to city Department of Buildings records.

Broken down, the proposed building will have a total of 8,257 square feet of commercial and 36,769 square feet of residential. The lot is located between Seventh and Eighth avenues.

Records indicate that the hotel portion will contain 180 keys, though a source told The Real Deal that it will have 108.

The Chetrit Group, in partnership with the Brooklyn-based Cornell Realty Management, purchased 245 and 247 West 34th Street on Jan. 9 for $31.5 million, as The Real Deal reported last week. Both buildings traded for $15.7 million apiece, and were previously owned by the Cohen family of the Brooklyn-based retailer Conway Stores.

Chetrit declined to comment on the plans. Representatives for Cornell did not immediately respond to a message seeking comment and additional information.

Architect Gene Kaufman is listed as the applicant of record. He said a representative from his firm would call later.

The Chetrit Group is making moves in the area. Late last month, the DOB approved the demolition of four commercial buildings located near Hudson Yards, which Chetrit bought for $26.5 million in October 2012, as The Real Deal reported.


Related Articles

arrow_forward_ios
(Extell, Ritz Carlton, Gryffindor, CC BY-SA 3.0, via Wikimedia Commons)
Bank OZK dominated Manhattan’s top real estate loans in February
Bank OZK dominated Manhattan’s top real estate loans in February
From left: Michael Stern and Joseph Chetrit in front of 9 DeKalb Avenue in Brooklyn (Getty Images, JDS Development, LoopNet/Photo Illustration by Steven Dilakian for The Real Deal)
Chetrit and Stern go toe-to-toe on Downtown Brooklyn supertall
Chetrit and Stern go toe-to-toe on Downtown Brooklyn supertall
Inside the rent roll at Chetrit’s 26 Broadway
Inside the rent roll at Chetrit’s 26 Broadway
Inside the rent roll at Chetrit’s 26 Broadway
(Getty, Winick)
Chetrit Group sells 1231 Third Avenue
Chetrit Group sells 1231 Third Avenue
The Chetrit Organization’s Michael Chetrit, Harbor Group International CEO Jordan Slone and 850 Third Avenue (Harbor Group, 850thirdavenue)
Chetrit Org’s 850 Third Avenue heads to foreclosure auction
Chetrit Org’s 850 Third Avenue heads to foreclosure auction
Joseph Chetrit with the Tides Hotel  (Getty, Tides via Facebook)
Chetrit’s lender alleges it stole $2M insurance payout for South Beach hotel damage
Chetrit’s lender alleges it stole $2M insurance payout for South Beach hotel damage
(Moinian Group, CVS)
CVS signs lease for 512 7th Avenue store
CVS signs lease for 512 7th Avenue store
Joseph Chetrit with 427 and 459 (left) Broadway (Getty, Beyond My Ken/Wikimedia)
Chetrit Group falls behind on Soho portfolio mortgage
Chetrit Group falls behind on Soho portfolio mortgage
arrow_forward_ios

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

Loading...