Chetrit firm to acquire Sheepshead Bay development site

Area has seen increase in condo development

New York /
Jul.July 16, 2020 04:05 PM
2870 Ocean Avenue in Sheepshead Bay (Google Maps)

2870 Ocean Avenue in Sheepshead Bay (Google Maps)

A firm run by members of the Chetrit family is in contract to buy a Brooklyn site and plans a 200,000-square-foot project.

AB & Sons envisions a mixed-use development in Sheepshead Bay at the site of a Staples store. The address, 2870 Ocean Avenue, is a 10-minute walk from the Neck Road subway station on the Q line.

A team from KSR including Ceasar Salama, Joseph Kassin and Ike Bibi brokered the transaction.

“We look forward to seeing what is in store for this historic property,” said Bibi.

Sources with knowledge of the deal declined to provide the purchase price.

The low-scale, southern Brooklyn neighborhood has seen an increase in condo development in recent years.

Two blocks from the Chetrits’ planned project, Sergey Rybak’s Rybak Development built a 50,000-square-foot, 40-unit condo, The Ocean, with a gym on the first floor. Further west, Muss Development and AvalonBay teamed up to raise Sheepshead Bay’s tallest building at 30 stories, the glassy 1 Brooklyn Bay, which offers 236 rental and condo units and spans 260,000 square feet.

The Chetrits are prolific New York City developers. AB & Sons, which was founded by Abraham, Isaac and Eli Chetrit in the early 2000s, owns around 25 commercial buildings in the city.

In the early 1990s, the Chetrits began buying New York real estate after success in the textile trade. Abraham Chetrit paid $1 million in 1994 for a 10-story Tribeca office building at 396 Broadway, and AB & Sons sold it to Atit Jariwala’s Brideton Holdings for $42 million in 2014.

In 2017, AB & Sons sought a rezoning for a five-story Ridgewood warehouse in order to convert it into rentals. Last year, Isaac Chetrit sold a Midtown office building to the Hematian family for $92 million.


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