Chetrit is latest to make Far West Side play
For the third time in two days, major property news is emerging from the Far West Side near the Jacob Javits Center. A day after The Real Deal reported Rockrose Development closed on its purchase of a West 39th Street development parcel and the Imperatore family reportedly began exploring a sale of a 1 million-square-foot development site across 11th Avenue from the Javits Center, Crain’s reported that Joseph Chetrit has entered contract to buy property in the area for $26 million.
Chetrit acquired a block through site of four adjacent lots, partly occupied by industrial buildings, on the north side of West 37th Street between 10th and 11th avenues for $26 million. The site was purchased from Fortress Credit Corp., the lender that took title to the property when an ownership group headed by Baruch Singer defaulted on a $55 million loan on the site last year.
The property allows for a mostly commercial building of up to 373,275 square feet if Chetrit purchases additional available air rights. The site was marketed by Massey Knakal Realty Services. [Crain’s] — Adam Fusfeld