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.