The Real Deal New York

Billionaire Chinese owner of GM Building is now a lender to Chetrit

The developer refinanced townhouse developments on East 76th Street
By Will Parker | December 27, 2017 05:50PM

From left: Joseph Chetrit, Zhang Xin and 110-112 East 76th Street (Credit: Getty Images and Google Maps)

Zhang Xin and Pan Shiyi, the Chinese real estate moguls and minority owners of the GM building, are getting in on the Manhattan lending game. The pair’s new lending business, Seven Valleys, refinanced the Chetrit Group’s Upper East Side trio of townhouses with a $63 million package, records filed with the city Wednesday show.

The debt includes a new $23 million mortgage and a refinancing of a $35 million loan from Signature Bank. Representatives for Chetrit and Seven Valley were not immediately available for comment.

Chetrit put the three townhouses at 110-120 East 76th Street on the market last month for a combined $134 million. Each townhouse is between 13,000 and 15,000 square feet and has between five and eight bedrooms. Chetrit converted six pre-existing Buildings On The Street, which were owned by Lenox Hill Hospital, after acquiring them in 2007.

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Xin and husband Shiyi are co-owners of Soho China, a major real estate investment company based in Beijing. Along with Brazilian banker Moise Safra, the company took a 40 percent stake in the GM building in 2013, paying $700 million.

In October, the couple announced the opening of Seven Valleys, which plans to provide $2 billion in mezzanine and bridge financing, and other real estate debt over the next two years, according to a report in Commercial Mortgage Alert.

Chetrit Group, one of New York’s most prolific condominium developers, last month debuted renderings for an upcoming 130-unit condo project at Gramercy Square it’s developing with partner Clipper Equity.