Cassa Times Square owners withdraw plans for condo conversion

Midtown hotel owned by Chetrit, Read and Assa previously slated for 108 for-sale units

New York /
Mar.March 27, 2018 05:40 PM

Joseph Chetrit, Solly Assa and 515 Ninth Avenue (Credit: Getty Images)

UPDATED: Tuesday, Mar. 27 @ 6:00 p.m.: The owners of the Cassa Times Square Hotel are backing out of an initial plan to convert the 12-story building to condominiums, according to a withdrawal filed with the New York State Attorney General’s office last month.

A trio of investors, consisting of Chetrit Group, Assa Properties and Read Property Group, had planned 108 below-market apartments at the 515 Ninth Avenue address.

“Assa Properties and its partners plan to keep the units at Cassa Times Square as rentals for now,” a representative for the company told The Real Deal.  “There are 108 extended-stay, both furnished and unfurnished, rental residences covering eight floors, crowned by a rooftop garden terrace.”

Meyer Chetrit first filed the conversion plan last May, which came with a projected total sellout price of $117.5 million, or just over $1 million per unit. The most up to date information with the AG lists Read Property Group’s Robert Wolf as the project’s sponsor, however.

Assa bought the site from Rosedale Equities in 2006, paying $36.3 million and later bringing on Chetrit and Wolf as investors. They completed the hotel and rental building in 2014. Assa also developed the Cassa NYC Hotel on 45th Street, which it sold to HNA Group, and in 2017 sued a Florida developer for using the “Cassa” name.

Other notable scrapped condo projects in recent years include CL Investment’s $300 million conversion of 287 Park Avenue and Chetrit Group’s $1.4 billion plan for the Sony Building at 550 Madison Avenue.

This story was updated to include comment from Assa Properties.


Related Articles

arrow_forward_ios
Fredrik Eklund with Tyler Whitman, Ryan Serhant, and Kirsten Jordan and Steve Gold (Getty, Bravo TV)
“The end of an era”: Fredrik Eklund quits Million Dollar Listing
“The end of an era”: Fredrik Eklund quits Million Dollar Listing
Southampton Town supervisor Jay Schneiderman (jayschneiderman.com, Google Maps)
Southampton Town considers buying 40 acres
Southampton Town considers buying 40 acres
BHS CEO Bess Freedman and BHS agent Madison Sutton (BHS, iStock)
Brown Harris Stevens adding TikTok training to its arsenal
Brown Harris Stevens adding TikTok training to its arsenal
30 Front Street #30A and 72 Poplar Street (Streeteasy)
$8M Dumbo condo tops Brooklyn home contracts
$8M Dumbo condo tops Brooklyn home contracts
From left: Bruce Blakeman, Nassau County Executive, and Laura Curran, former Nassau County Executive (Getty Images, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Nassau County freezes assessments after home-price surge
Nassau County freezes assessments after home-price surge
160 West 12th Street and 200 Amsterdam Avenue (Corcoran, SJP Properties)
Village, UWS condos tie for Manhattan’s priciest signed contract
Village, UWS condos tie for Manhattan’s priciest signed contract
From left: Don Mullen, chief executive officer, Pretium Partners; Kelli Lawrence, chief executive officer, Onyx+East (Pretium Partners, Onyx+East, iStock)
Pretium to launch $600M JV for build-to-rent development
Pretium to launch $600M JV for build-to-rent development
Fairfield County (iStock)
Looking for a home in Connecticut? Good luck
Looking for a home in Connecticut? Good luck
arrow_forward_ios

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

Loading...