Chetrit, Somerset are selling site of Bronx megaproject to Brookfield

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

TRD 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

Renderings of Brookfield's Bankside in the South Bronx (Credit: ArX Solutions)

This is what Brookfield’s South Bronx megaproject will look like

Brookfield Property Group CEO Brian Kingston and 652 11th Avenue (Credit: Google Maps)

Brookfield drops $83M on Hell’s Kitchen hotel

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

Chetrit buys national portfolio of 10K+ rental units

Chetrit buys national portfolio of 10K+ rental units

Joseph Chetrit and 500 Metropolitan Avenue

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

Two Manhattan West and Brookfield Managing Partner Ben Brown

Brookfield seeks nearly $80M in tax breaks for 2 Manhattan West

According to the lawsuit, the water is damaging the home of the developer's downstairs neighbor

Jacob Chetrit’s UES penthouse is leaking dirty water into his downstairs neighbor’s home: lawsuit

Brookfield Property Partners CEO Brian Kingston 

Brookfield is getting into the Opp Zone game