Joseph Chetrit

The Chetrit brothers parlayed their family’s small fortune in textiles into real estate and became power players in New York City development. And few developers have attracted more intrigue than Joseph, the patriarch of the family firm.

Chetrit bought some of the city’s most notable buildings, including the Sony Building, which Chetrit and David Bistricer paid $1.1 billion for in 2013. The partners sold it three years later to Saudi conglomerate Olayan Group for $1.4 billion. Chetrit also owned the Chelsea Hotel at 222 West 23rd Street, the Daily News building at 450 West 33rd Street and the old International Toy Center at 200 Fifth Avenue. 

But 2025 was not Chetrit’s year. Joseph and his brother Meyer were charged by the Manhattan District Attorney with harassing two rent-regulated tenants. They face a maximum jail sentence of four years. Both have pleaded not guilty.

Chetrit’s portfolio is also showing cracks. Chetrit Group defaulted on $1.6 billion in debt, according to Crain’s. Meyer and Joseph could personally be on the hook for hundreds of millions of dollars for loans they guaranteed. A lender is seeking to auction off some of their properties.

Chetrit also lost control of the Hotel Bossert in Brooklyn. Adding to the rough year, Joseph’s brother and frequent business partner Jacob Chetrit died. 

But it’s hard to bet against Joe Chetrit. The man from Morocco always seems to beat the odds.

— Keith Larsen