Chetrit Group to convert rentals at Cassa Hotel and Residences into below-market condos

Offering plan cites $117.5 million sellout for 108 apartments at 515 Ninth Avenue

TRD New York /
May.May 26, 2017 01:40 PM

The Chetrit Group plans to convert the Cassa Hotel and Residences at 515 Ninth Avenue to condominiums, an offering plan filed with the New York Attorney General’s office by company president Meyer Chetrit shows.

The plans call for 108 for-sale units at a total sellout price of $117.5 million, meaning apartments would list for well under the Manhattan new development average ($4.8 million in the first quarter, according to appraisal firm Miller Samuel).

The Chetrits first floated condos at the location five years ago at what was then an empty development site, when a “Chetrit” was rumored to have taken a controlling interest in Assa Properties’ parcel, along with a mysterious partner known only as “Wolf.” The developers then built a 12-story hotel and rental building that opened in 2014.

An entity tied to Assa bought the site from Rosedale Equities in 2006, paying $36.3 million, records show.

Calls to both Chetrit Group TRData LogoTINY and Assa Properties went unreturned.

A family business, Chetrit has long ranked among the city’s most active condo developers. In February, a 99-unit conversion at 49-51 Chambers Street was greenlighted to begin sales with a $334 million target sellout. The company, however, has also been held up as one the prime examples of the softening luxury condo market, after Chetrit and partner Clipper Equity bailed on a plan to convert the office building at 550 Madison Avenue into a 96-unit, $1.9 billion dollar residence.

With units that will average just over $1 million in asking price, the project at 515 Ninth Avenue is a far different type of conversion.

(To view more of the Chetrit Group’s commercial sales transactions, click here)


Related Articles

arrow_forward_ios
Nightingale’s Eli Schwartz and 111 Wall Street (Credit: Google Maps)

Nightingale, Wafra seek $860M to redevelop 111 Wall Street

Nightingale, Wafra seek $860M to redevelop 111 Wall Street
Sharif El-Gamal, Joseph Chetrit and 1384 Broadway (Getty; Google Maps)

Chetrit Group sues Sharif El-Gamal for unpaid rent

Chetrit Group sues Sharif El-Gamal for unpaid rent
Clockwise from left: 950 University Avenue in the Bronx, 27-55 Jackson Avenue in Queens, 149 Pioneer Street in Red Hook and 416 Metropolitan Avenue in Williamsburg (Google Maps)

EB-5 investor snags Hunters Point resi development: Mid-market sales report

EB-5 investor snags Hunters Point resi development: Mid-market sales report
2870 Ocean Avenue and Isaac Chetrit, and 936 Home Street (Google Maps) 

Chetrit family’s dev site buy tops weekly mid-market sales

Chetrit family’s dev site buy tops weekly mid-market sales
Port Authority Bus Terminal and AECOM CEO Troy Rudd (Roger Rowlett via Wikipedia; AECOM)

“Worst place on earth” may be buried underground

“Worst place on earth” may be buried underground
From left: David Singelyn of Homes 4 Rent, Jacque Petroulakis of NextMetro, and Adam Adler of Global City (Photos via Nexmetro, Global City, Singelyn via Cal Poly Pomona)

Developers bet big on build-for-rent in these uncertain times

Developers bet big on build-for-rent in these uncertain times
New York City Council member Brad Lander (Getty)

Brad Lander calls for city to use land banks

Brad Lander calls for city to use land banks
Chetrit Group principal Michael Chetrit and 850 Third Avenue (850thirdavenue, iStock, Discovery Channel)

Chetrit battles Discovery Channel at 850 3rd Avenue

Chetrit battles Discovery Channel at 850 3rd Avenue
arrow_forward_ios

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

Loading...