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

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

New York /
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

arrow_forward_ios
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
From left: Edison Properties CEO Robert Selsam, Ironstate Development's Michael Barry, Stellar Management founder Larry Gluck (LinkedIn; Gluck Family Foundation)

These developers could benefit the most from Soho’s rezoning

These developers could benefit the most from Soho’s rezoning
 1633 Broadway and Paramount CEO Albert Behler (Google Maps; Getty)

Beaten-up Paramount rejects buyout, but is taking offers

Beaten-up Paramount rejects buyout, but is taking offers
NYC & Company projects tourism to reach only one-third of last year’s number, with just 22.9 million visitors expected this year. (Getty)

New York’s tourism industry faces long recovery

New York’s tourism industry faces long recovery
Hampshire House at 150 Central Park South (Photos via Wikipedia)

Billionaires’ Row penthouse will go up for auction

Billionaires’ Row penthouse will go up for auction
Ralph Lauren on the on the corner of East 55th Street at 711 Fifth Avenue (Google Maps)

Ralph Lauren to sublease Fifth Ave. location for a fraction of the cost

Ralph Lauren to sublease Fifth Ave. location for a fraction of the cost
The townhouse (Credit: Sotheby's)

Manhattan townhouse featured in “The Undoing” relists at $30M

Manhattan townhouse featured in “The Undoing” relists at $30M
(Getty, iStock)

Office, apartment REITs get shot in the arm from vaccine news

Office, apartment REITs get shot in the arm from vaccine news
arrow_forward_ios

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

Loading...