The Real Deal New York

Chetrit Group lands $204M to refinance
49 Chambers Street condo conversion

It’s the second major SL Green investment in the Tribeca building
February 01, 2019 09:12AM

49 Chambers Street, SL Green’s Marc Holliday, and Chetrit Group’s Joseph Chetrit (Credit: CityRealty, SL Green, and Getty Images)

SL Green Realty just couldn’t get enough.

The real estate investment trust provided the Chetrit Group with a $204 million loan on a luxury Tribeca condo building, marking its second financing of the development.

The new debt retires a $194 million construction financing package SL Green and Acore Capital gave the developer for the construction of the 99-unit project in 2016, according to Commercial Observer.

The 15-story building at 49 Chambers Street, built in 1912, was formerly Emigrant Industrial Savings Bank. Cherit Group began converting the Beaux-Arts building into condos in 2016, with a projected sellout of $334 million.

The condo conversion has been caught in a luxury market downturn. In November, 2018, TRD reported that the Cherit Group was offering buyers’ agents 50 percent of their commission at the contract signing. [CO] — Decca Muldowney