Chetrit gets $129M loan for Hotel Carter acquisition

"America's dirtiest hotel" reportedly needs $125M in repairs

New York /
Feb.February 02, 2015 02:37 PM

Joseph Chetrit secured a $129 million loan related to the $192 million acquisition of the Hotel Carter in Times Square, according to property records filed with the city today. The property at 250 West 43rd Street has been dubbed “America’s dirtiest hotel” and reportedly needs about $125 million in repairs.

The Athene Annuity and Life Company provided Chetrit a senior loan, security agreement and fixture filing for the property. Chetrit went into contract to acquire the 600-key hotel in August from a company controlled by the heirs of Vietnamese businessman Tran Dinh Truong.

Representatives from the Chetrit Group were not immediately available to comment. Eastdil Secured brokered the sale and arranged the financing.

The Chetrit Group is a former co-owner of the Hotel Chelsea, but transferred its rights in the property to ex-partner King & Grove in 2013. The developer is currently working on plans to bring 96 condos to the former Sony Building at 550 Madison Avenue.


Related Articles

arrow_forward_ios
The commercial market was hit hard by the pandemic, and property tax revenue is expected to fall 5 percent. (iStock)
Tax bills show how much Covid devalued NYC real estate
Tax bills show how much Covid devalued NYC real estate
Acting Katara CEO Andrew Humphries and 355 West 16th Street (Google Maps, AHIC)
Katara Hospitality takes over Dream Downtown’s $125M ground lease
Katara Hospitality takes over Dream Downtown’s $125M ground lease
About 38 percent of New York hotels with loans in commercial-mortgage backed securities were 30 days or more past due in May. (iStock)
Hotels’ recovery taking longer in NYC than elsewhere
Hotels’ recovery taking longer in NYC than elsewhere
Gowanus Inn & Yard at  645-651 Union Street, Brooklyn, Sonder CEO Francis Davidson and Red Pine Principal Michael Federman (Google Maps, Sonder, Federman Steifman)
Sonder takes lease for 76-key Gowanus Inn
Sonder takes lease for 76-key Gowanus Inn
Starwood CEO Barry Sternlicht and Blackstone CEO Stephen Schwarzman (Getty)
Blackstone, Starwood up bid for Extended Stay America
Blackstone, Starwood up bid for Extended Stay America
Abraham Merchant of Merchants Hospitality, 11-01 43rd Avenue and Frank Brosens of Taconic (Merchants Hospitality, Getty, Savanna Rooftop)
Merchants Hospitality sells dormant LIC hotel for $38M
Merchants Hospitality sells dormant LIC hotel for $38M
Retailers rush to open in the Hamptons
Retailers rush to open in the Hamptons
Retailers rush to open in the Hamptons
(Istock illustration by Alison Bushor)
South Florida’s hotel conundrum
South Florida’s hotel conundrum
arrow_forward_ios

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

Loading...