ELO to buy Chetrit family Diamond District building for $115M

Owner had been looking to sell 15 West 47th Street for years

Feb.February 19, 2020 02:30 PM
15 West 47th Street (Credit: Google Maps)

15 West 47th Street (Credit: Google Maps)

The ELO Organization is in contract to purchase Eli and Isaac Chetrit’s Diamond District building at 15 West 47th Street for $115 million, according to sources familiar with the deal.

The property is 18 stories and spans 120,790 square feet, according to city records. The Chetrits and their partner the Sioni Group bought it in 2012 for $62.5 million and had been looking to sell it since at least 2017.

Avi Ben-Ishay brokered the off-market transaction for the buyer and seller. He and representatives for the ELO Organization declined to comment, and Isaac Chetrit could not be reached.

The Chetrit family had put 15 West 47th Street on the market along with 22 West 48th Street, which they and the Sioni Group purchased in 2012 from longtime owner Victor Shafferman. They paid $53.75 million for 22 West 48th Street, which stands 15 stories tall and spans about 81,000 square feet, city records show.

The buildings sit diagonally from each other near Rockefeller Plaza. The owners were initially hoping they would fetch between $190 million and $200 million. They are both home to mostly gem- and diamond-related businesses.

This marks at least the second major Midtown deal for the Chetrit family in the past few months, as they went into contract in July to sell 145 West 45th Street to the Hematian family for $92 million. That sale closed in November, according to property records. Ben-Ishay brokered that deal as well.

The ELO Organization is an active buyer in the Garment District. The firm purchased office buildings at 40 West 38th Street and 144 West 37th Street in 2016 for $37.3 million.

Related Articles

Rent prices are going up while new leases are down

Manhattan, Brooklyn and Queens saw record low leasing activity in March

The show has been moved to June 25th through the 28th

AD Design Show pushed back to June amid Coronavirus fears

622-628 West 153rd Street (Credit: Google Maps)

Chetrit family plans colossal resi project in Washington Heights

CBRE CEO Robert Sulentic (Credit: Getty Images, iStock)

CBRE plans cuts to NYC tech team

Macy’s Herald Square (Credit: iStock)

Macy’s new skyscraper missing one key thing

NYC saw a dip in home foreclosures last year (Credit: iStock)

Home foreclosures dip in NYC for 2nd straight year

Living founders Devin Someck and Jon Bakhash

Living New York acquires Mdrn. amid tumult in rental market

Renderings of Central Park Tower (Credit: Extell)

Inside Extell’s private club for the 0.1%