The Real Deal New York

Isaac Chetrit may bid on Midtown office building being auctioned

Developer owns $25M debt on 315 West 35th Street
April 02, 2015 08:00AM

UPDATED, 12:35 p.m., April 2: A Midtown office property at 315 West 35th Street that is primed for a condo conversion will be auctioned off after the owner, Aaron Chitrik, defaulted on a nearly $25 million mortgage.

Isaac Chetrit (Note: Correction appended) is the owner of the mortgage and will likely be a bidder on the property, according to the New York Daily News. Chitrik picked up the property in 2006 for $16 million and started on a condo conversion before the market went south. Approvals for the conversion are in place.

The property is estimated to be worth about $60 million, the newspaper reported.

Chetrit purchased the mortgage in 2010, and a dispute later erupted when Chitrik tried to  pose as the owner of the debt under an LLC called “Mazal,” while Chetrit had purchased the mortgage under the name “Mazel,” the correct spelling of the Hebrew word meaning congratulations.

The property was listed for $36 million in 2013. [NYDN] — Tess Hofmann

Correction: A previous version of this story incorrectly identified the owner of the mortgage, due to an error in the source story. It is Isaac Chetrit.