On the Market

Related Residential Building ‘The Monterey’ Could Fetch $300 M.

The Monterey (Credit: Related)

Related is selling The Monterey, a posh Upper East Side luxury apartment building at 175 East 96th Street, The Commercial Observer has learned.

Sources familiar with the offering said the company hopes to score bids in the $250 to $300 million range for the 29-story tower, which means the firm could snag nearly $575,000 for each of its 522 units.

The announcement came as a surprise to some, as Related built the building in 1993 and has a reputation for hanging on to things.

“I think everybody is surprised when related sells something… they are predominately long-term holders,” the source said.  “But I always say that even the best gardens need pruning once in a while, and once every couple of years they sell an asset.” Read More

Sales Beat

Vornado Closes On Two UWS Buildings In $100 Million Deal

Steve Roth

Vornado has closed on its acquisition of a 50 percent stake in two Upper West Side residential buildings 50 and 70 West 93rd Street in a deal that valued the properties at a little over $100 million.

Vornado is buying the interest from AREA Property Partners, a Manhattan based real estate investment company with interests in several residential and commercial investments both in the city and globally. Read More

Sales Beat

Invesco Acquires 130 Prince Street Property

130 Prince Street.

130 Prince Street, which Waterman Interests and JP Morgan Asset Management-advised investors bought in 2007 for $112 million, has sold to Invesco Real Estate five years later for $140.5 million.

The 88,000-square-foot building is fully-leased and home to tenants M.A.C. Cosmetics, Lacoste and True Religion Jeans, with M.A.C. as the office space tenant.

Tod Waterman, founder and managing member of Waterman Interests, referenced the return that its investors will receive on 130 Prince Street and the firm’s desire to match the results as it continues “to grow the company in the Manhattan office market.” Read More

Building Expectations

Joseph Chetrit, the Most Mysterious Big Shot in New York Real Estate

The Chelsea.

One summer Friday in 1994, Ron Cohen, one of the top commercial brokers in New York City, picked up the phone in his office at the old Insignia/ESG, a precursor to today’s mega-brokerage CB Richard Ellis. A man named Joseph Chetrit was cold-calling him about a 16-story office building at 19 West 44th Street that Mr. Cohen’s client was selling.

“Sorry,” Mr. Cohen said. “We don’t work with people we don’t know.”

He hung up and went back to work.

Minutes later, three men walked into Mr. Cohen’s office. They were Joseph Chetrit, his father Simon, and his brother Jacques.

“Well, now you know us,” Joseph said matter-of-factly. Read More

Trading Spaces

Bed Bath & Beyond Building on the Block; Could Fetch $500 M., Sources Say

620 Sixth Avenue.

Hot on the heels of RXR Realty’s purchase of the Starrett-Lehigh Building for $900 million and the sale of 111 Eighth Avenue to Google for $1.8 billion, Bed Bath & Beyond’s building is on the block.

A partnership of Joseph Chetrit and Yair Levy, spearheaded by Charles Dayan from Bonjour Capital, bought the building for $289.8 million in 2005, according to city records. But with the trendy Chelsea office market enjoying a boom, driven in no small part by the tech bubble, the building could sell for around $500 million, according to some sources. Read More