Haim Chera Leaves Family Business to Head Up Retail at Vornado
Vornado Realty Trust has a new head of retail, the 50-year-old Haim Chera, who until now, was the principal of the family business, Crown Acquisitions.
Vornado also announced today that it was selling a 45.4 percent stake in its $5.6 billion retail portfolio on Upper Fifth Avenue and in Times Square. Vornado will keep a 51 percent stake in the assets. Chera’s Crown Acquisitions advised Vornado on the deal.
The properties include 640 Fifth Avenue, 666 Fifth Avenue, and 689 Fifth Avenue, along with signage, a parking garage and a theater at 1540 Broadway and 1535 Broadway. The portfolio encompasses 489,000 square feet of retail and 327,000 square feet of office space.
Chera has been at Crown Acquisitions, which was founded by is father, Stanley Chera, for 22 years. He’s been running the firm with his brothers, Isaac and Richard. The Cheras are retail owners and developers, and own properties that include 641 Fifth Avenue and the Versace and Cartier mansions on Upper Fifth, as well as 600 Broadway and 103 Prince Street in Soho, with partners.
“Haim is hands down the very best retail real estate executive there is,” Steven Roth, head of Vornado said in a prepared statement. “My relationship with Haim and his family goes back forever. Haim will have a field day leasing, managing and improving our existing portfolio.”
Haim Chera did not respond to request for comment.