Chetrit begins work on long-stalled Prospect Park residential project

Developer Joseph Chetrit is reviving 100 Parkside, a long-delayed residential project in Flatbush overlooking Prospect Park, one of about 25 stalled sites coming back to life in New York City, according to the Wall Street Journal. The Chetrit Group has already started interior demolition at the site — the former Caledonian Hospital complex — in preparation for the creation of 270 condominium and rental units, said project architect Karl Fischer, who added that he believes the rental units may hit the market within a year. Chetrit bought the site for $15.6 million in 2007 as part of the Brooklyn Hospital Center’s bankruptcy restructuring, but the project was moved to the back burner after the housing market crashed. Meanwhile, the Chetrit Group has also teamed up with Stellar Management for a planned housing development on the Upper West Side campus of Jewish Home Lifecare. The venture is now nearing a deal with the healthcare system’s Manhattan division, under which the developers would give Jewish Home a vacant site on West 100th Street in exchange for its existing 106th Street campus and an undisclosed sum of cash. [WSJ]

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