Chetrit, Somerset are selling site of Bronx megaproject to Brookfield

Developers planned to build 1,300 market-rate rental units

New York /
Apr.April 04, 2018 09:15 AM
Ric Clark, Joseph Chetrit, 101 Lincoln Avenue and Keith Rubenstein

From left: Ric Clark, Joseph Chetrit, 101 Lincoln Avenue and Keith Rubenstein (Credit: Hill West Architects and Getty Images)

After years of planning, Somerset Partners and the Chetrit Group are walking away from one of the most ambitious real estate projects in the history of the Bronx.

The partners are selling their development sites at 101 Lincoln Avenue and 2401 Third Avenue to Brookfield Property Partners for $165 million, the New York Post reported.

Chetrit and Keith Rubenstein’s Somerset planned to build seven towers with 1,300 market-rate rental units on the sites, which sit next to the Harlem River in Mott Haven. They paid $58 million to acquire the sites, public records show. The developers first filed plans in 2015, and were in the market for a $500 million construction loan for the project, which was expected to cost around $600 million.

The Post reported that Brookfield will likely “tweak” the development’s design. Cushman & Wakefield brokered the sale.

The project became notorious in 2015 when Chetrit and Somerset hosted a “Bronx is burning”-themed party with celebrities like Carmelo Anthony and Kendall Jenner at the site, drawing criticism from then-City Council Speaker Melissa Mark-Viverito, among others.  The developers’ attempts to rename the neighborhood “Piano District” with the help of giant billboards also didn’t go down well with many locals.

Brookfield, one of the city’s most active developers, is currently developing the massive Manhattan West mixed-use development near Penn Station and recently agreed to take over retail real estate investment trust General Growth Properties.  [NYP]Konrad Putzier


Related Articles

arrow_forward_ios
Brookfield Property Partners CEO Brian Kingston and 300 Vesey Street, at far left (Brookfield)
Brookfield scores $224M refi on Battery Park office tower
Brookfield scores $224M refi on Battery Park office tower
Many people are excited for shoppers to return, but many have switched to e-commerce. (Getty)
Is e-commerce king? Retailers reflect on pandemic changes during earnings calls
Is e-commerce king? Retailers reflect on pandemic changes during earnings calls
Procore CEO Tooey Courtemanche (Linkedin, SEC) 
Procore raises $635M in long-awaited IPO
Procore raises $635M in long-awaited IPO
(Moinian Group, CVS)
CVS signs lease for 512 7th Avenue store
CVS signs lease for 512 7th Avenue store
Joseph Chetrit with 427 and 459 (left) Broadway (Getty, Beyond My Ken/Wikimedia)
Chetrit Group falls behind on Soho portfolio mortgage
Chetrit Group falls behind on Soho portfolio mortgage
Brookfield Asset Management’s Bruce Flatt (iStock)
Brookfield posts record FFO in Q1 — but not because of real estate
Brookfield posts record FFO in Q1 — but not because of real estate
60 Guilders' Kevin Chisholm, Brookfield's Brian Kingston and 12 Metrotech. (Brookfield, Chisholm ph: Larry Ford)
Brookfield to sell DoBro office condo for $130M
Brookfield to sell DoBro office condo for $130M
Joseph Chetrit, Jordan Slone (Getty, NADLAN)
Harbor buys nearly 5,500-unit portfolio from Chetrit for $390M
Harbor buys nearly 5,500-unit portfolio from Chetrit for $390M
arrow_forward_ios

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

Loading...