Joe Chetrit revealed as buyer of SL Green’s 1231 Third Avenue

Chetrit closed on $144M purchase of Upper East Side site on Tuesday

New York /
Oct.October 31, 2018 10:35 AM

From left: SL Green’s Marc Holliday, 1231 Third Avenue, and Chetrit Group’s Joe Chetrit (Credit: SL Green)

The sale of SL Green’s 1231 Third Avenue closed on Tuesday, and the buyer was Joe Chetrit of the Chetrit Group, according to sources familiar with the deal.

Chetrit purchased 1231 Third Avenue along with a development assemblage at 252-254, 257, 259 and 260 East 72nd Street for $144 million. The deal included $120 million in financing from SL Green’s lending division.

The company will likely plan some type of residential tower for the East 72nd Street assemblage and continue to operate 1231 Third Avenue as is, while also looking to lease up its retail space.

A team from Robert Verrone’s Iron Hound Management brokered the sale and financing.

Iron Hound and SL Green declined to comment on the deal. Chetrit did not immediately respond to a request for comment.

The building at 1231 Third Avenue stands four stories tall and spans about 41,000 square feet. It contains 20 apartments — all occupied — and about 16,000 square feet of retail space, which is 70 percent occupied.

SL Green has sold off several of its properties lately, including the office portion of 1745 Broadway in Midtown for $633 million  and 175-225 3rd Street in Gowanus for $115 million.

The Chetrit Group has also partnered with Mount Sinai Properties to build a 122-unit apartment complex at 43-21 64th Street in Woodside,  and Michael Stern’s JDS Development Group recently bought them out of the 73-story mixed-use development at 9 Dekalb Avenue in Downtown Brooklyn for almost $60 million.


Related Articles

arrow_forward_ios
The Daily News Building at 220 East 42nd Street and SL Green CEO Marc Holliday (Credit: Getty Images)
SL Green puts Daily News building up for sale
SL Green puts Daily News building up for sale
SL Green snags private-equity firm at One Vanderbilt
SL Green snags private-equity firm at One Vanderbilt
SL Green snags private-equity firm at One Vanderbilt
SL Green’s locks in big bank lease at Hudson Yards redevelopment site
SL Green’s locks in big bank lease at
Hudson Yards redevelopment site
SL Green’s locks in big bank lease at
Hudson Yards redevelopment site
SL Green's Marc Holliday (Illustration by The Real Deal with Getty, SL Green)
Hybrid work persisting far longer than I expected: SL Green’s Holliday
Hybrid work persisting far longer than I expected: SL Green’s Holliday
From left: Silverstein Properties’ Larry Silverstein; Deputy Mayor of Economic Development Maria Torres-Springer; SL Green Realty’s Marc Holliday; Rudin Development’s Bill Rudin (Photo Illustration by Steven Dilakian for The Real Deal with Getty)
City official warns against “overcorrecting” on office conversions
City official warns against “overcorrecting” on office conversions
A photo illustration of Related Companies' Jeff Blau (Getty)
Related proposes 1,500-room resort in Hudson Yards casino bid
Related proposes 1,500-room resort in Hudson Yards casino bid
Jared Kushner and 666 Fifth Avenue (Getty, David Shankbone, CC BY 2.5 - via Wikimedia Commons)
Congress probes Jared Kushner’s dealings amid 666 Fifth Avenue sale
Congress probes Jared Kushner’s dealings amid 666 Fifth Avenue sale
Council member Pierina Ana Sanchez and RSA’s Joseph Strasburg (Getty; Twitter)
Citing Bronx fire, Council pushes building violation crackdown
Citing Bronx fire, Council pushes building violation crackdown
arrow_forward_ios

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

Loading...