SL Green Lends $204M on Chetrit’s Tribeca Luxury Condo Property
By Cathy Cunningham January 31, 2019 1:13 pm
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SL Green Realty Corp. has provided a $204 million loan to The Chetrit Group to refinance its luxury condominium property at 49 Chambers Street in Tribeca, sources close to the deal told Commercial Observer.
Iron Hound Management Company’s Robert Verrone and Robert Vernicek arranged the debt, which retires a $194 million construction financing package from 2016—provided by SL Green (SLG) and ACORE Capital. ACORE exited the deal in this round of financing and an additional $10 million was added to Chetrit’s tab.
The 15-story H-shaped Beaux Arts building, between Elk Street and Broadway, was erected in 1912 and originally home to the Emigrant Industrial Savings Bank. Designed by architect Raymond Almirall, its exterior and first floor interior were designated landmarks in 1985, according to New York YIMBY.
Chetrit Group purchased the then-office building in October 2013—paying $92 million according to PropertyShark—before converting it to upscale residences in 2016.
Today, 49 Chambers includes 99 luxury condos, with available units ranging from $1.7 million from a one-bedroom to $7.3 million for a four-bedroom, according to the property’s website.
Building amenities include a swimming pool, a steam room, a sauna room, a children’s playroom, a yoga/dance studio and a screening room. The property also includes a private, landscaped rooftop park, with a cocktail lounge, an outdoor kitchen, a sun deck and a garden terrace. The rooftop, looking South, boasts views of City Hall Park, The Woolworth Building and One World Trade Center.
SL Green, Chetrit Group and Iron Hound also teamed up in April 2018 for the refinance of Gramercy Square—Chetrit, Clipper Equity and Read Property Group’s luxury residential conversion of the former Cabrini Medical Center at 224 to 228 East 20th Street and 209 to 225 East 19th Street. SL Green provided a $380 million loan in the deal with Iron Hound negotiating the debt, as first reported by CO.
Officials at SL Green declined to comment. Officials at Iron Hound didn’t immediately respond to a request for comment. Joseph Chetrit could not immediately be reached for comment.
