Clipper Equity buys out Chetrit at 720-unit Greenpoint project

David Bistricer said project is still moving “full speed ahead”

New York /
Apr.April 04, 2019 06:15 PM

David Bistricer and 77 Commercial Street, Brooklyn (Credit: Google Maps)

David Bistricer’s Clipper Equity has bought out the Chetrit Group at their massive Greenpoint project on Commercial Street, according to the developer.

Bistricer declined to discuss the financial terms of the buyout and described the move as “strategic planning stuff” between him and Chetrit. He said they still have other partners on the site, and Chetrit’s departure has not changed their plans for the project.

“We’re going full speed ahead on what we’re doing,” he said.

Chetrit declined to comment.

The project at 77 Commercial Street will include 720 units across three buildings, and the developers have pledged to make 200 of the units affordable. It was permitted in the spring of 2015—a time when developers were extremely worried about losing the 421a tax exemption, which allows them to pay lower taxes for 20 years if they invest in affordable housing—but has not seen much progress since then.

Over the last year, the Chetrit Group has sold its stakes in other developments across the city. The Real Deal reported last August that the firm was bought out by partner Michael Stern’s JDS Development Group at 9 Dekalb Avenue, for nearly $60 million. Up in the Bronx, Chetrit and Keith Rubenstein’s Somerset Partners sold their massive Mott Haven development sites to Brookfield Property Partners for $165 million.


Related Articles

arrow_forward_ios
258 8th Avenue (Google, Target)

Target planning yet another NYC store in Chelsea

Target planning yet another NYC store in Chelsea
Churchill Real Estate's Justin Ehrlich and 381 Broadway (Google Maps)

Two-year Tribeca foreclosure saga continues with lawsuit over $20M

Two-year Tribeca foreclosure saga continues with lawsuit over $20M
Adam America's Omri Sachs and Dvir Cohen with 2503-2509 Broadway (Google Maps; Adam America)

Adam America secures $63M in financing for Upper West Side project

Adam America secures $63M in financing for Upper West Side project
Convene CEO Ryan Simonetti (Convene)

Convene closes Manhattan locations as corporate events fail to return

Convene closes Manhattan locations as corporate events fail to return
New York City District Council of Carpenters’s Monitor Glen McGorty (iStock; LinkedIn)

NYC carpenters union changes how it roots out mob ties

NYC carpenters union changes how it roots out mob ties
The Economic Innovation Group identified 145 real estate investments in Opportunity Zones (iStock)

Real estate deals dominate Opportunity Zones. Is that bad?

Real estate deals dominate Opportunity Zones. Is that bad?
11 Penn Plaza and Apple CEO Tim Cook (VNO; Getty)

Apple snags more space at Vornado’s 11 Penn Plaza

Apple snags more space at Vornado’s 11 Penn Plaza
Amazon's Jeff Bezos, Google's Sundar Pichai and Facebook's Mark Zuckerberg (Getty, iStock)

Tech giants occupy nearly 600M-sf of US real estate

Tech giants occupy nearly 600M-sf of US real estate
arrow_forward_ios

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

Loading...