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

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.

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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.