Chetrit’s $115M Diamond District deal fizzles
ELO Organization failed to close on18-story building at 15 West 47th Street
A $115 million deal for a Diamond District building that’s lingered on the market since 2017 has fallen through.
Ray Yadidi and Isaac and Eli Chetrit had planned to sell 15 West 47th Street to the ELO Organization, but the buyer failed to close, Crain’s reported. The 18-story, 120,790-square foot building, which sits between Fifth and Sixth avenues, has been on the market since 2017.
The ELO Organization skipped the closing, which was scheduled to wrap up by Monday. The Chetrits and Yadidi sent a letter to the firm to notify it was in breach of contract, according to the publication, but did not hear back.
The Chetrits purchased the building in 2012 with Yadidi’s Sioni Group for $62.5 million in 2012, and had hoped to sell the commercial property for between $190 million and $200 million. Diamond and gem tenants lease out the first floor of the structure.
The Diamond District deal is not the only sale to have fallen through amid the coronavirus pandemic. Most notably, Jacob Chetrit — cousin to Isaac and Eli — had to nix a $815 million deal to buy the Daily News Building from SL Green Realty after his lender, Deutsche Bank, backed out.
SL Green has since sued Jacob Chetrit over the $35 million deposit. [Crain’s] — Georgia Kromrei