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Isaac Chetrit lists Midtown office building for $50M
Investors had planned to convert 315 West 35th Street into condominiums
Eli and Isaac Chetrit and Jacob Aini have listed 315 West 35th Street for $50 million, eight years after they purchased the 14-story Midtown building out of bankruptcy.
Nathaniel Smith of Oxford Property Group has the listing.
The trio paid $43 million for the Hudson Yard building in 2015 and originally planned to convert it into high-end residential condominiums.
But in 2021, Workville — a flex office company founded by Chetrit, Aini and D.J. Dashti — occupied the 60,000-square-foot building. (The building is listed as having 240 rooms and 75,000-square-feet, selling for $666 per square foot if it fetches its asking price.)
The listing on StreetEasy says the building — with high ceilings and modern finishes — is suited for a number of uses, including “creative studios to tech startups and professional offices.”
Isaac Chetrit and Aini purchased the building after an LLC formerly associated with developer and diamond dealer Aaron Chitrik filed for Chapter 11 bankruptcy protection in April 2015 after defaulting on a nearly $25 million mortgage on the property. There is currently a $27 million loan on the building for assumption at 3.69 percent interest.
Isaac Chetrit, who acquired the debt on the property for $10.75 million in 2010, was among the building’s creditors. Isaac Chetrit and Aini outbid investor Frank Ng, who offered $42.25 million.
Chitrik bought the building for $16.2 million in 2006 and intended to convert it to condos. After the building’s lenders sought to foreclose on its debt, Isaac Chetrit stepped in to acquire the property’s mortgage amid various complications.
Isaac Chetrit, a cousin of the better known Joe Chetrit, has been an active New York City dealmaker over the past year. He is looking to convert the Stewart Hotel — which is across Madison Square Garden — into 625 apartments. He also was looking to construct a 69-story tower in the Garment District. Chetrit is also building a 28-story residential project in Washington Heights.