Posts tagged with "Chetrit Group":

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57th Street comes to Downtown Brooklyn with a possible 1,000-foot tower

Downtown Brooklyn's ever-growing, not-all-that-inspiring, skyline could soon see a 57th Street–style addition. That's right, Brooklyn might be getting its first supertall tower. It was only a matter of time, really. Crain's reported that Michael Stern of JDS Development, which is behind SHoP's very tall 111 West 57th Street, has partnered with Joe Chetrit of the Chetrit Group to build a Brooklyn tower so tall it could rival, or eclipse, the Empire State Building. To do so, the two developers have reportedly purchased the landmarked Dime Savings Bank (and its 300,000 square feet of development rights) at 9 Dekalb Avenue for $90 million from JPMorgan Chase. Stern would use these rights to build a supertall next door at 340 Flatbush Avenue Extension, a site he co-owns with Chetrit. With the combined air rights of that site, the developer duo would have almost 600,000 square feet to work with. Crain's noted that the historic bank could be used as a lobby for the new tower or as a stand-alone retail space. An architect for the project has not yet been named. For those wondering, the iconic Junior's restaurant next to the site isn't going anywhere anytime soon.
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With this purchase of five acres of waterfront land, is the South Bronx New York’s newest development hot spot?

The Chetrit Group and Somerset Partners are betting big on the Bronx. The developers have recently purchased 5 acres of industrial land along the Harlem River. The Wall Street Journal reported that they plan to build up to six 25-story market-rate apartment towers on the land. According to the Journal, “overhauling the area would cost at least $500 million in private investment and at least $200 million in local, state, and federal funds, with a percentage from developers for roads, sewers, flood prevention measures, and work to integrate a freight rail line with the public areas.”
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Guests Could Soon Check in at Brooklyn’s Hotel Bossert

The Italian Renaissance Revival-style Hotel Bossert, once one of the swankiest hotels in Brooklyn, will soon be welcoming guests once again. Two developers, David Bistricer and Joseph Chetrit of the Chetrit Group, bought the property from the Watchtower Society this past November for $81 million, and now have the go-ahead to turn the property back into a hotel. On Friday, the Board of Standards and Appeal granted the developers a variance to change the certificate of occupancy. According to Brownstoner, Gwathmey Siegel Kaufman + Associates Architects is the architect of record. But, we just heard that Selldorf Architects will lead the renovation of this 1909 building designed by Palmer & Hornbostel, which will involve preserving the facade, lobby, and reception area, updating the rooms with new design finishes and amenities, and reviving the Marine Roof back to a restaurant and lounge. If all goes well, the hotel will be up and running by this summer.