on the waterfront

Fate of Greenpoint Towers To Be Determined This Week [Updated]

Renderings of 77 Commercial Street

Long-simmering plans to put up two new high-rise towers along the Greenpoint waterfront should be put to a vote this week, and the project’s future mostly lies in the hands of City Council member Stephen Levin.

Mr. Levin, who represents the North Brooklyn neighborhood, must vote in favor of or against a 40-story and 30-story tower by the Council’s final meeting of the year on Thursday. The project’s developers Joseph Chetrit and David Bistricer hope to win approval for the towers that would soar past the area’s current 15-story zoning cap. Read More

On the Market

Helmsley Estate to Sell Park Lane Hotel

ParkLane

CBRE is gearing up to market the Helmsley Park Lane Hotel towards developers of high-end condominiums, according to published reports.

The 370,000-square-foot property, being sold by the estate of Leona Helmsley, has received at least two separate offers of more than $600 million, including one from industry scions Harry Macklowe and Steven Witkoff, The Wall Street Read More

Sales Beat

$1.1 B. Sony Deal Etched in Stone

225px-Sony_Building_by_David_Shankbone_crop

City records confirm Joe Chetrit and David Bistricer’s $1.1 billion closing on the Sony Building, the deal that thrust Mr. Bistricer into the spotlight as his media shy partner continued his buying rampage.

The duo plans to turn the tower into residential condominiums and a hotel, and to retrofit the retail space; and they recently went into contract to purchase the 1.5-acre former Cabrini Medical Center site at Second Avenue and East 19th Street.

The Sony Building purchase pitted Mr. Bistricer and Mr. Chetrit against industry heavyweights like Joseph Sitt and Harry Macklowe, winning a competitive bid by slapping down a jaw-dropping $600 million letter of credit to seal the deal. Read More

Sales Beat

Williamsburg Development Trades For $25M

Bob Knakal

A partnership between real estate investors Joe Chetrit and David Bistricer closed on a $25 million acquisition of a Williamsburg development parcel today. The land, located along the neighborhood’s lucrative waterfront at 77 Commercial Street, can accommodate up to 270,000 square feet of development. It is likely that Mr. Chetrit and Mr. Bistricer will build residential space on the site, sources told The Commercial Observer. Read More