Joe Chetrit revealed as buyer of SL Green’s 1231 Third Avenue
Chetrit closed on $144M purchase of Upper East Side site on Tuesday
Chetrit purchased 1231 Third Avenue along with a development assemblage at 252-254, 257, 259 and 260 East 72nd Street for $144 million. The deal included $120 million in financing from SL Green’s lending division.
The company will likely plan some type of residential tower for the East 72nd Street assemblage and continue to operate 1231 Third Avenue as is, while also looking to lease up its retail space.
A team from Robert Verrone’s Iron Hound Management brokered the sale and financing.
Iron Hound and SL Green declined to comment on the deal. Chetrit did not immediately respond to a request for comment.
The building at 1231 Third Avenue stands four stories tall and spans about 41,000 square feet. It contains 20 apartments — all occupied — and about 16,000 square feet of retail space, which is 70 percent occupied.
The Chetrit Group has also partnered with Mount Sinai Properties to build a 122-unit apartment complex at 43-21 64th Street in Woodside, and Michael Stern’s JDS Development Group recently bought them out of the 73-story mixed-use development at 9 Dekalb Avenue in Downtown Brooklyn for almost $60 million.