The Chetrit Group is a privately held New York City real estate development firm controlled by four brothers: Joseph, Meyer, Jacob, and Juda Chetrit. Joseph Chetrit is considered the groups leader. The firm, which focused on investing in New York City's outer boroughs in the 1980s and 1990s, owns a stake in Chicago's Willis Tower. Its portfolio now includes many Manhattan office properties. The group is known for its ill-fated 2011 takeover of the Chelsea Hotel at 222 West 23rd Street, based on the assumption it could evict its long-term tenants and relaunch it as a luxury hotel. After losing faith in their plan, the Chetrits sold the hotel in 2013. The company has also bought and sold 450 West 33rd Street, the former headquarters of tabloid New York Daily News, and International Toy Center at 200 Fifth Avenue and 1107 Broadway. In 2013, the Chetrit Group and frequent collaborator David Bistricer of Clipper Equity acquired the Sony Building at 550 Madison Avenue. As of September 2015, the plan was to convert the office building into high-end condos and a hotel, but in May 2016 Chetrit and Clipper sold it to Olayan America, the U.S. investment arm of Saudi Arabia's Olayan Group. Chetrit is also collaborating with Bistricer on the residential conversion of the former Cabrini Medical Center in Gramercy Park.