The Real Deal New York

Chetrit gets $129M loan for Hotel Carter acquisition

"America's dirtiest hotel" reportedly needs $125M in repairs
By Tess Hofmann | February 02, 2015 02:37PM

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.