Chetrit, Bistricer pay $180M for Flatotel
Joseph Chetrit and David Bistricer have closed on the 46-story, 289-room Flatotel property at 135 West 52nd Street for $180 million, Crain’s reported. A conversion into high-end residential condominiums is in the cards for the building, which had been recently foreclosed upon by a Rockpoint Group, Atlas Capital Group and Procaccianti Group venture.
Bistricer told Crain’s that the condo units would likely hit the market in 18 months. As previously reported, Chetrit and Bistricer are taking the next step in closing on the $1.1 billion purchase of the Sony building now that they’re in talks for financing, rumored to be coming from SL Green Realty. The two also shelled out $81 million for Brooklyn’s Bossert Hotel.
“Of course, Sony will be higher end than what we do at Flatotel,” Bistricer told Crain’s, of the plan to convert the bulk of the property into high-end luxury apartments. “But Flatotel will be for the luxury market as well.”
Doug Harmon and Adam Spies of Eastdil Secured sold the Flatotel, as well as the Sony building.
Flatotel was owned by the Alexico Group, which defaulted on its loan for this and the Alex Hotel on East 45th Street. The debt was held by Anglo Irish Bank. [Crain’s] —Zachary Kussin