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
Hana Financial Investment’s Lee Jin-Kook and a rendering of 1 St. Marks Place (Hana Financial Investments)

Hana Financial to sell loans tied to Manhattan office, hotel properties

Hana Financial to sell loans tied to Manhattan office, hotel properties
Extell Development's Gary Barnett and 32 West 48th Street (Google Maps)

Extell makes its Diamond District hotel official

Extell makes its Diamond District hotel official
(iStock)

Ski resorts gear up for tough season in the shadow of pandemic

Ski resorts gear up for tough season in the shadow of pandemic
Union Square and Mayor Bill de Blasio (Getty)

City drops bid to require special permits for Union Square hotels

City drops bid to require special permits for Union Square hotels
Domio’s interim CEO Jim Mrha (Photos via Domio; iStock)

Domio not shutting down, plans “financial re-engineering”

Domio not shutting down, plans “financial re-engineering”
Domio's CEO Jay Roberts and Chief Strategy Officer Adrian Lam (Photos via Domio)

Short-term rental operator Domio shuts down

Short-term rental operator Domio shuts down
Hilton Times Square at 234 West 42nd Street and Roosevelt Hotel at 45 East 45th Street (Google Maps; Pixabay)

New York hotel owners on the hook for $500M severance

New York hotel owners on the hook for $500M severance
454 East 148th Street and 5252 Kings Highway (Google Maps; Compass)

Bulk co-op buy in the Bronx tops mid-market investment sales

Bulk co-op buy in the Bronx tops mid-market investment 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...