Joseph and Meyer Chetrit. Photos: Ryan McCune/PatrickMcMullan.com (left), Richard Lewin (right)
Joseph Chetrit and Meyer Chetrit; Isaac and Eli Chetrit
Co-founders of the Chetrit Group; Co-founders of AB & Sons at Chetrit Group; AB & Sons
Last year's rank: 64
The cousins Chetrit run two of the more private privately held real estate development and investment companies in New York. The radio silence in the media doesn’t mean their companies are not active, though. Far from it.
The Chetrit Group, which brothers Joseph and Meyer Chetrit run, sealed several prominent development and sales deals, and those are a big reason the company is once again on this list.
Probably the most prominent deal closed in late March. It involved the Chetrit Group paying $78 million to purchase a development site at 260 South Street on Manhattan’s Lower East Side from L+M Development and CIM Group. Chetrit is planning a 1,300-unit residential complex with towers of 70and 64 stories.
About a month before the 260 South Street close, Chetrit filed permits with the city for a 306,000-square-foot, 359-unit residential project at 127 Archer Avenue in Jamaica, Queens. The project is due to have affordable housing and retail as well as 186 parking spots. The 20-story building is slated to replace a mechanic’s shop.
And, toward the end of 2021, Chetrit sold the commercial condominium at 1231 Third Avenue toPremier Equities for $43.3 million. At the same time, the company refinanced with a $116.5 million loan from G4 Capital Partners a development site alongEast 72nd Street that Chetrit has been assembling for several years.
It’s not quite clear what’s going to go there. A medical tower tied to Weill Cornell’s medical school was once rumored, but that evaporated. True to form, neither Joseph nor Meyer Chetrit could be reached for comment.
The same was true for brothers Isaac and Eli Chetrit. But the deals spoke for them. In July, their AB & Sons spent $200 million buying an approximately 50 percent stake in a 60-building, 950-unit multifamily portfolio in Manhattan. A couple of months before that, Isaac and Eli — Isaac’s son, Abraham Chetrit, is also involved in the firm as CEO — sold 546 Broadway to tenant Uniqlo for $160 million.
Finally, AB & Sons inked some notable leases the past year, perhaps most prominently 90,000 square feet in November with co-warehousing operatorReadySpaces in Ridgewood, Queens.
