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

It’s the second major SL Green investment in the Tribeca building

New York /
Feb.February 01, 2019 09:12 AM

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


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
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
Illustration of Mayor Eric Adams (Getty; Illustration by Kevin Rebong for The Real Deal)
Oh, rats! Eric Adams contests summons for infestation
Oh, rats! Eric Adams contests summons for infestation
Brookfield's Bruce Flatt with 1100 Newark Turnpike (Loopnet, Brookfield)
Brookfield buys CSX industrial site in Northern New Jersey for $67M
Brookfield buys CSX industrial site in Northern New Jersey for $67M
SL Green's Marc Holliday and Daniel Boulud with One Madison Avenue (Getty, SL Green)
Daniel Boulud lands at SL Green’s One Madison Avenue
Daniel Boulud lands at SL Green’s One Madison Avenue
From left: SL Green's Marc Holliday and Roc Nation's Jay-Z along with a rendering of the proposed Caesars Palace Times Square project (Getty Images, SL Green Realty Corp)
Jay-Z joins SL Green, Caesars casino bid
Jay-Z joins SL Green, Caesars casino bid
The Torkian Group's Hersel Torkian and 250 East 83rd Street (Getty, Google Maps, The Torkian Group)
Torkian nabs $145M loan for Upper East Side development
Torkian nabs $145M loan for Upper East Side development
arrow_forward_ios

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

Loading...