Turns out, the Chetrit Group does not want to give up its piece of the Hudson Yards pie. The Real Deal reports that the developer is changing course, taking the property at 541-545 West 37th Street off the market and preparing to build. The firm closed on a $60 million construction loan for the site, where they are able to build up to 373,000 square feet. The property sits just east of Eleventh Avenue, between 37th and 38th streets, and it currently holds a couple low-rise industrial buildings.
Prior to this loan, the last news out of the site was that Chetrit was planning to sell it for a whopping $100 million. This ticked off the prior owner, Baruch Singer, who lost the site to foreclosure in 2011. Fortress Credit Corp. bought it for $2.5 million, then turned around and sold it to Chetrit in September 2012 for $26.5 million. It doesn't matter now, since Chetrit decided to move forward with development.
Chetrit is also in the process of converting the Sony Building into suuuuper pricey condosthere will be a $150 million penthouseand a high-end hotel.
· Chetrit Group Moving Forward with Hudson Yards Development [TRD]
· All coverage of 541-545 West 37th Street [Curbed]
· All coverage of the Chetrit Group [Curbed]