So, about those buildings Joseph Chetrit purchased from Baruch Singer at 855 Sixth Avenue? News comes that Mr. Chetrit will knock them down and build a 37-story mixed-use giant.
The new building will be 500,000 square feet, with 23 floors dedicated to residential and 11 for office space. The ground floor and the remaining available space is for retail.
Craig Lockard, the vice presidnet for Fremont, which fronted a $105 million loan to Mr. Chetrit and development partner Tessler Developments, told GlobeSt.com that his company “covered a majority of the acquisition price for the property, but he could not reveal what percent or the total cost.”
That’s OK, we’ll tell you: $140 million. The Observer reported it two weeks ago.
– John Koblin