Year in Real Estate
on the waterfront
The partial sale of the GM Building in May to Sungate Trust for $1.4 billion topped a string of large office building sales this year that reflected increased investor hunger for safe, long-term bets amid a stabilized post-recession environment.
The purchase of the 40 percent stake valued the building at $3.4 billion, ranking it Read More
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.
On the Market
The owner of two restaurants located in the atrium of the Sony Building claims that longtime friend and new co-owner of the building, Joe Chetrit, tried to strong-arm him out of the building.
Joseph Allaham, owner of Solo and Pizza da Solo, alleges that Mr. Chetrit is behind a push to evict him from the Read More
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
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.
When Aaron Jungreis sought a buyer for the Bossert Hotel at 98 Montague Street in Brooklyn Heights last year, a long list of obstacles stacked up.
The off-market deal meant potential buyers had limited access to the site. Complicated zoning meant the Board of Standards and Appeals would be thrown into the mix. And competition Read More
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.