Chetrit brings ELO back to the table on $110M Diamond District deal

Buyer had skipped closing for the deal, which went into contract before the pandemic

New York /
Dec.December 17, 2020 06:22 PM
15 West 47th Street, Diamond District (Google Maps, iStock)

15 West 47th Street, Diamond District (Google Maps, iStock)

 

Members of the Chetrit family were able to convince a developer to come back to the table to close on the sale of a Diamond District building.

Ray and Jack Yadidi and Isaac and Eli Chetrit sold a 18-story building at 15 West 47th Street for $110 million on Thursday to an affiliate of the ELO Organization, according to property records.

The ELO Organization went into contract to purchase the 120,790-square-foot building for $115 million in February. But once the pandemic struck, ELO Organization apparently had second thoughts and the New York developer skipped the closing. The Chetrits and Yadidi sent a letter to the firm to notify it was in breach of contract, according to Crain’s.

The affiliate of ELO Organization got a roughly $5 million discount from the planned purchase price.

The Chetrits purchased the building in 2012 with the Yadidis’ Sioni Group for $62.5 million. The 120,790-square-foot property had been on the market since at least 2017. Its tenants mainly consist of diamond and jewelry stores.

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.

Isaac Chetrit is a cousin of the prominent New York developer Joseph Chetrit. He runs AB & Sons, founded in the early 2000s, with Abraham and Eli Chetrit. Recently, the group purchased a development site in Sheepshead Bay for $15.5 million with plans to build a mixed-use apartment building.

AB & Sons and ELO were not immediately available to comment.





    Related Articles

    arrow_forward_ios
    Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)
    Here’s what the $10M-$30M NYC investment sales market looked like last week
    Here’s what the $10M-$30M NYC investment sales market looked like last week
    Ben Ashkenazy dumps Midtown retail building at $6M loss
    Ben Ashkenazy dumps Midtown retail building at $6M loss
    Ben Ashkenazy dumps Midtown retail building at $6M loss
    Ron Burkle’s $155M play on Wall Street: American Stock Exchange HQ
    Ron Burkle’s $155M play on Wall Street: American Stock Exchange HQ
    Ron Burkle’s $155M play on Wall Street: American Stock Exchange HQ
    Chinese developer willing to sell Manhattan supertall site at big loss
    Chinese developer willing to sell Manhattan supertall site at big loss
    Chinese developer willing to sell Manhattan supertall site at big loss
    79 Clifton Place, 80-01 37th Avenue, 45 East Mosholu Parkway North (LoopNet, Google Maps)
    Residential dealmakers storm city’s investment sales market
    Residential dealmakers storm city’s investment sales market
    HUBB’s John McCarthy and with 510 East 88th Street and 181-199 Columbus Avenue (Google Maps)
    HUBB NYC doubles down on Manhattan apartments
    HUBB NYC doubles down on Manhattan apartments
    HAP Investments CEO Eran Polack and 215-225 West 28th Street (HAP)
    HAP sells stake in Chelsea apartments in deal valuing project at over $500M
    HAP sells stake in Chelsea apartments in deal valuing project at over $500M
    New Philippine tax on foreign gaming companies could deal another blow to office market
    New Philippine tax on foreign gaming companies could deal another blow to office market
    New Philippine tax on foreign gaming companies could deal another blow to office market
    arrow_forward_ios

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

    Loading...