Chetrit Group moving forward with Hudson Yards development

Company takes site off the market, recapitalizes with $60 million loan

TRD New York /
Aug.August 04, 2015 03:10 PM

The Chetrit Group landed a $60 million acquisition loan for its Hudson Yards development site, and is renewing plans to develop the property it had put on the market earlier this year.

Brothers Joseph and Meyer Chetrit closed on the loan last week, which covers acquisition and pre-development costs for the site, which the company purchased in 2012.

The Bank of Ozarks provided the financing, which was arranged by Adi Chugh’s Maverick Capital Partners.

The developers paid $26.5 million three years ago to acquire 541-545 West 37th Street, and an additional $29 million for building bonuses available to projects in the Hudson Yards neighborhood. The development site runs between 37th and 38th streets east of Eleventh Avenue and can accommodate a building of up to 373,000 square feet.

The Chetrit Group is considering an ultraluxury hotel for the Sony Building at 550 Madison Avenue, the New York Post reported in June. The Sony Building is also the home of a record $150 million penthouse listing.

Related Articles

(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

15 Hudson Yards (Credit: Related-Oxford, iStock)

First he sold a plot of land to Hudson Yards’ developers. Now he owns 7 luxury condos there

The Plaza Hotel in 1975 and models walking the runway during New York Fashion Week September 2019 (Credit: Getty Images)

Fashion Week struts its stuff at these iconic NYC locations

M&T CEO René Jones and Brookfield managing partner Ben Brown with 5 Manhattan West (Credit: M&T, Brookfield, and Wikipedia)

Brookfield lands $184M refinancing for Manhattan West retail

From left: Prabal Gurung, Dana Lorenz and Stephen Ross (Credit: Getty Images)

Stephen Ross backlash hits Hudson Yards

Facebook CEO Mark Zuckerberg and Hudson Yards (Credit: Getty Images and Wikipedia)

Facebook close to finalizing Hudson Yards office deal: report

Chetrit buys national portfolio of 10K+ rental units

Joseph Chetrit and 500 Metropolitan Avenue

Chetrit Group lands $133M refi for Williamsburg resi, hotel project