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.