Chetrit Group

The most expensive site in the Bronx gets a name and new renderings

Renderings courtesy of ArX Solutions

November 21, 2019

The most expensive site in the Bronx gets a name and new renderings

By
Last fall, Brookfield Properties bought two sites in Mott Haven for $165 million—the most expensive transaction on record for development in the Bronx—from Somerset Partners and Chetrit Group. On Thursday, the developers revealed a $950 million plan for a 4.3-acre mixed-use development that will bring more than 1,350 apartments to the South Bronx neighborhood, of which 30 percent will be affordable. Branded as Bankside, the project will also include a public waterfront park and promenade, as well as ground-floor retail and community facility spaces.
See it here
Work finally resumes at Brooklyn’s first 1,000+ foot tower

Rendering via SHoP Architects

November 6, 2018

Work finally resumes at Brooklyn’s first 1,000+ foot tower

By
Since the plan to bring the first supertall tower to Brooklyn was approved by the Landmarks Preservation Commission in the spring of 2016, few updates have been announced about the project. While construction kicked off last year, work on 9 DeKalb Avenue was stalled for months. But YIMBY reported on Tuesday that construction of the Downtown Brooklyn tower appears to have made some progress, with its foundation now visible and workers on site. The planned 1,066-foot-tower is being developed by JDS Development, with SHoP Architects handling its design.
More this way
The most expensive development site in the Bronx will be 30 percent affordable

A previous rendering of 101 Lincoln Avenue via Hill West Architects

September 7, 2018

The most expensive development site in the Bronx will be 30 percent affordable

By
The most expensive transaction on record for a development in the Bronx officially closed Wednesday, after Brookfield Property Partners picked up the two sites for $165 million from Somerset Partners and Chetrit Group. Originally, Somerset and Chetrit planned for all of the development's 849 residential units to be market rate, and while Brookfield intends to keep the same number of apartments, they are designating 30 percent of them affordable, according to the Real Deal.
Find out more
$165M sale of South Bronx waterfront site is the borough’s priciest development deal ever

An original rendering of 2401 Third Avenue via Hill West Architects

April 4, 2018

$165M sale of South Bronx waterfront site is the borough’s priciest development deal ever

By
Somerset Partners and Chetrit Group have sold their massive South Bronx waterfront site to Brookfield Properties for $165 million, the priciest transaction for a development in the Bronx on record. As the New York Post reported, the project includes two sites on either side of the Third Avenue Bridge. At 2401 Third Avenue, original plans called for a 25-story standalone tower and a 25-story and 16-story building rising from an eight-story base. Developers also planned to bring three 24-story buildings and a 22-story building on top of a six - and seven-story base at the second site at 101 Lincoln Avenue.
Find out more
Snøhetta tapped as lead architect for $300M Sony Building restoration

Rendering of 550 Madison Avenue, via DBOX/ Snøhetta

October 30, 2017

Snøhetta tapped as lead architect for $300M Sony Building restoration

By
Over the last few years, plans to refurbish the former headquarters of AT&T and Sony Building at 550 Madison Avenue have come and gone, including a proposal to convert the upper floors into luxury condos designed by Robert A.M. Stern. Now, with those plans long abandoned, Olayan America and Chelsfield revealed plans on Monday for a $300 million renovation of the tower, modernizing the lower levels of the building with high-quality amenities and a sprawling 21,000-square-foot public garden. With Snøhetta as lead architect, the renovation will be the first major project in East Midtown since its revitalization plan was approved earlier this year.
See the new design
First look at CetraRuddy’s proposed hotel-apartment tower for Hudson Yards
May 24, 2017

First look at CetraRuddy’s proposed hotel-apartment tower for Hudson Yards

By
Back in September, the developer Joseph Chetrit filed plans to build a 48-floor mixed-use tower with 421 hotel rooms and 135 residential units in the Hudson Yards neighborhood. Now, the wait is over as renderings of Chetrit Group’s proposed tower at 541-545 West 37th Street have officially been revealed. As CityRealty learned, CetraRuddy Architecture is designing the high-tech skyscraper, which is expected to rise 622 feet and overlook the future Hudson Boulevard Park. The building will span 621,000 square feet and include exhibition, retail, hotel and residential spaces.
More details and renderings
More renderings, details released for massive South Bronx waterfront development
March 9, 2017

More renderings, details released for massive South Bronx waterfront development

By
Just two days ago, 6sqft brought you a brand new rendering of the second parcel at Somerset Partners and Chetrit Group's massive South Bronx waterfront development, and now, YIMBY has uncovered even more views of the full seven-tower, 1,300-unit residential project, along with some more specific details. The renderings come courtesy of Hill West Architects and also show the publicly accessible 25,500-square-foot public waterfront esplanade.
More details and another rendering
New rendering emerges for Keith Rubenstein’s ambitious South Bronx development
March 7, 2017

New rendering emerges for Keith Rubenstein’s ambitious South Bronx development

By
The massive South Bronx waterfront development planned by Somerset Partners and Chetrit Group is coming together--at least visually. CityRealty revealed a rendering of the second parcel of a two-parcel master plan that will eventually hold six residential towers and park space. Construction on the first three buildings within the first parcel at 2401 Third Avenue was approved last summer. This second parcel at 101 Lincoln Avenue will hold three more towers, 25 stories each, with a grand total of 826 apartments. The developers have long heralded this development as a game-changer for the South Bronx, but faced pushback after Somerset developer Keith Rubenstein attempted to rebrand the area as the “Piano District” and held a party that capitalized on the struggles of the Bronx in the 1970s, featuring burning trash cans and a bullet-ridden car.
See more images of the development site
KBA Architects reveal ziggurat-like tower for Kellogg’s Diner-adjacent site in Williamsburg
December 9, 2016

KBA Architects reveal ziggurat-like tower for Kellogg’s Diner-adjacent site in Williamsburg

By
Back in March, 6sqft reported that a new hotel/rental tower at 500 Metropolitan Avenue had risen above ground, but there was still a bit ambiguity surroundings its final design. Now, just as the Williamsburg building has topped out, CityRealty uncovered the final renderings from KBA Architects. The firm created a 14-story, ziggurat-like structure that will slope down from the adjacent site of longtime local haunt Kellogg's Diner and offer a slew of trendy amenities.
More views and details
See how Keith Rubenstein’s trio of South Bronx towers will transform the ‘Piano District’ skyline
August 30, 2016

See how Keith Rubenstein’s trio of South Bronx towers will transform the ‘Piano District’ skyline

By
Controversial South Bronx Developer Keith Rubenstein of Somerset Partners, along with the Chetrit Group, received approvals earlier this summer for a two-site, six-tower, mixed-use master plan on the Mott Haven banks of the Harlem River. This is the same project that Rubenstein touted as part of his campaign to rebrand the southern portion of the borough as the "Piano District," a marketing ploy that nodded to the piano manufacturers that dotted the area 100 years ago, but that featured a misguided party with burning trash cans and a bullet-ridden car, referencing the horrible "Bronx is burning" days of the 1970s. Contention aside, the development is moving ahead, and CityRealty.com has a 360-degree look at how the first site's three towers (two at 20 stories and one at 25) will transform the South Bronx skyline. These buildings at 2401 Third Avenue will rise just to the northwest of the Third Avenue Bridge, the former site of an 1880s iron works building that will soon boast $3,500/month apartments.
More details ahead
Bed-Stuy’s The MYNT Offering One Month Free on New Leases
May 20, 2016

Bed-Stuy’s The MYNT Offering One Month Free on New Leases

By
In the thriving Bedford-Stuyvesant section of Brooklyn, the recently finished rental building named The MYNT is offering one month free on 12-month leases for select apartments. Currently, two no-fee units are complying with the offer: Unit 4J is a three-bed, two-bath spanning 1,200 square feet is available for a net effective rent of $3,484/month, and two floors above, unit 6J is a two-bed/two-bath available for a net effective rent of $3,117/month.
find out more about the deal here
Chetrit to Sell Sony Building, Abandons Plans for Robert A.M. Stern-Designed Condos
April 25, 2016

Chetrit to Sell Sony Building, Abandons Plans for Robert A.M. Stern-Designed Condos

By
In a very unexpected twist, The Real Deal has learned that the Chetrit Group is selling the Sony Building, scrapping its flashy plans to convert the office building's upper floors to luxury condos designed by none other than Robert A.M. Stern. Olayan America, a division of the Saudi conglomerate Olayan Group, is in contract to purchase 550 Madison Avenue, partnering with European and Asian asset manager Chelsfield. According to the Post, they'll pay between $1.4 and $1.5 billion, a profit of at least $300 million for Chetrit. In a statement, Olayan said they'll lease space to "high-quality commercial tenants."
Find out more
LPC Approves Brooklyn’s First 1,000+ Foot Tower; New Renderings and Details
April 19, 2016

LPC Approves Brooklyn’s First 1,000+ Foot Tower; New Renderings and Details

By
Brooklyn is finally getting a new skyscraper development worthy of its 2.6 million populace. Today, the Landmarks Preservation Commission approved SHoP Architects' vision for 9 DeKalb Avenue, a rehabilitation of the landmarked Dime Saving Bank that will marry it with a dramatic, supertall skyscraper behind, the first 1,000+ foot building to arrive in the borough. The Beaux-Arts banking hall, which is both an interior and exterior landmark, hosted a J.P. Morgan Chase branch up until last year. Now, its new owners, Michael Stern's JDS Development and the Chetrit Group, plan to transform the hall into a public and retail space that will complement their new tower. To bring back more of the building's grandeur, its exterior and interior spaces will be restored, and to accommodate the tower behind, the team is calling for the demolition of two nondescript one- and five-story rear annexes, which will then allow for a grand entrance to the skyscraper and a public through-space. The LPC was enamored with the project, calling it "flawless" and "enlightened urbanism at its best," as well as touting that it "improved the vision of this historic landmark." One commissioner even went so far as to say "It's similar to the Parthenon sitting on the Acropolis." The LPC had only a few minor modifications, the most notable being that the teller cages be retained until the team can show a plan detailing how the retail tenant (there will only be one) will use the space.
Get a look at all the presentation materials
Williamsburg Hotel/Residential Tower at 500 Metropolitan Avenue Rises Above Ground
March 1, 2016

Williamsburg Hotel/Residential Tower at 500 Metropolitan Avenue Rises Above Ground

By
Not to be completely outdone by Bjarke Ingels' Via 57 West, Williamsburg is getting its own highway-fronting pyramidal pile. Alongside the bucolic banks of the Brooklyn-Queens Expressway, the concrete frame of 500 Metropolitan Avenue has finally climbed above street level, now reaching its third floor. The uniquely massed 200,000-square-foot, mixed-use project ascends near the Metropolitan Avenue-Lorimer Street station of the G and L lines, and from a V-shaped lot that borders five streets: Metropolitan Avenue, Union, Keap, Ainslie and Rodney Streets. Its stepped, ziggurat-like form will soar 14 stories and 172 feet above the low-slung area, making it among the tallest structures in the 'hood.
Find out more
Reasonably Priced Condos at NINE52 in Hell’s Kitchen Hit the Market, Starting at $679K
February 19, 2016

Reasonably Priced Condos at NINE52 in Hell’s Kitchen Hit the Market, Starting at $679K

By
After years of decay, the second building of the old Saint Clare's Hospital in Hell's Kitchen has been reborn. Named NINE52, due to its address near Ninth Avenue at 416 West 52nd Street, the seven-story red-brick structure has been rehabilitated into 155 affordably-priced condominium homes. Seven units at NINE52 hit the market earlier this week with asking prices starting at $679,000 for 450-square-foot studios, $859,000 for 725-square-foot one-bedrooms, and $1.319 million for an 875-square-foot two-bedroom. According to CityRealty's February Market Report, the median price-per-square-foot for closed condominium sales in Midtown West over the past 30 days stood at $1,833, a bit above the $1,603-per-square-foot asking prices at NINE52.
Get a look at the apartments
Sony Tower Conversion to Get 113 Robert A.M. Stern-Designed Condos

550 Madison rendering via Dbox

December 2, 2015

Sony Tower Conversion to Get 113 Robert A.M. Stern-Designed Condos

By
Curbed spotted the freshly launched teaser site for the Chetrit Group's Sony Tower conversion, now going by the name 550 Madison, which revealed several new details about the project. The most notable is that Robert A.M. Stern will be designing the "opulent" condos, and we assume this includes the $150 million triplex penthouse. Interestingly, Stern was once a student of Philip Johnson, who is responsible for the ground-breaking Sony Building. In all, there will be 113 condo units on floors 21-43, up from the previously reported 96, as well as a 170-key luxury Parisian hotel and high-end ground-floor retail.
More details this way
Check Out These Insane Views From Brooklyn’s First 1,000+ Foot Tower
September 25, 2015

Check Out These Insane Views From Brooklyn’s First 1,000+ Foot Tower

By
Seeing the boroughs from sky-high heights is nothing new thanks to all the supertall towers in Manhattan, but it's not as common to have a panoramic view of our main island, which is why we had to share this video. JDS Development posted the short clip on their Instagram stream yesterday that shows potential views from their upcoming mixed-use skyscraper planned for Downtown Brooklyn using air rights from the Dime Savings Bank site. If constructed as intended, it will be the first 1,000+ foot tower outside of Manhattan. The nine-second video, whose camera height seems nearly eye-level to the 1,368-foot roof of One World Trade Center, depicts far-reaching, panoramic views to the west and northwest over Manhattan and beyond.
Check it out here
First 1,000+ Foot Tower Outside Manhattan May Rise in Downtown Brooklyn

Rendering based on potential height, via CityRealty

August 5, 2015

First 1,000+ Foot Tower Outside Manhattan May Rise in Downtown Brooklyn

By
As the result of the $90 million acquisition of Brooklyn's landmarked Dime Savings Bank building by developers Michael Stern (111 West 57th) and Joe Chetrit, a new residential skyscraper in Brooklyn could nearly reach the height of the Empire State Building. The historic Neo-Roman building at 9 DeKalb Avenue in Downtown Brooklyn–next door to the famed Junior's Restaurant–comes with 300,000 square feet of development rights, which, combined with existing air rights next door at 340 Flatbush Avenue Extension (which the pair bought last summer for $43 million), could be used to build an adjacent tower of nearly 600,000 square feet. The likelihood of a tower that reaches between 1,000 and 1,200 feet has been mentioned by sources close to the deal.
find out more about the planned Brooklyn skyscraper
Luxury Parisian Hotel May Be Coming to Chetrit’s Sony Building Conversion
June 9, 2015

Luxury Parisian Hotel May Be Coming to Chetrit’s Sony Building Conversion

By
It's definitely been a big number game at Chetrit's Sony Building conversion–from the 96 luxury condos they'll add to floors 14 to 33 of the 37-story tower, to the planned $1.8 billion sellout, to the $150 million triplex penthouse, which, if sold, would be both the city's priciest unit in history (if not eclipsed by the $175 million unit at 220 Central Park South) as well as the largest at 21,504 square feet. And now the Post reports that Chetrit is going to up the ante at 550 Madison Avenue by turning part of the commercial space on the lower floors into a luxury Parisian hotel.
Get the scoop
Sony Building Penthouse Will Ask a Record-Breaking $150M
February 18, 2015

Sony Building Penthouse Will Ask a Record-Breaking $150M

By
There's a new priciest listing record in town, and it goes to the $150 million triplex penthouse at the Chetrit Group's Sony Building condo conversion, according to The Real Deal. The 21,504-square-foot unit will occupy floors 33 through 35 of the 37-story tower at 550 Madison Avenue and have a private elevator, eight bedrooms, eight bathrooms, and ten powder rooms. If it gets what it's asking for, it will break the record for the current highest condo sale, the $100 million penthouse that sold at One57 last month.
Check out the impressive Sony Tower floorplans here
Chetrit Group Plans $1.8B Sellout for 96 Condos in the Sony Tower
January 13, 2015

Chetrit Group Plans $1.8B Sellout for 96 Condos in the Sony Tower

By
Back in June, we learned that the Chetrit Group was planning to partially convert the Philip Johnson-designed Sony Tower at 550 Madison Avenue to high-end condos. And it has now been revealed that the 96 condo units will amount to a jaw-dropping $1.8 billion sellout, according to plans the developer filed with the Attorney General's office. By comparison, the initial total sellout at One57 was $2 billion, and at 432 Park Avenue it was $2.4 billion.
More on the luxury conversion
Philip Johnson-Designed Sony Building to Get 96 Luxury Condos by Chetrit Group
June 10, 2014

Philip Johnson-Designed Sony Building to Get 96 Luxury Condos by Chetrit Group

By
The Philip Johnson-designed Sony Tower at 550 Madison Avenue, one of the most notable postmodern office towers in New York City, is set to be partially converted to high-end condos, as states planes filed by developer Chetrit Group.  It's not known which of the building's 37 floors the residential units will occupy, but Chetrit, led by Joseph Chetrit, has said in the past that it will convert the upper floors and either keep the lower floors as offices or turn them into a luxury hotel. Construction likely won't begin for at least one to two years since Sony still leases office space.  When the developer purchased the building from Sony in 2013 for $1.1 billion at auction, Sony committed to remaining in the offices for around three years until moving to a new space near Madison Square.  Chetrit outbid 21 rivals and paid $685 million more for the building than Sony did in 2002.
Find out more about the development here
Pitch a story icon

Pitch a Story

We love to hear from you!

"*" indicates required fields

Interested in seeing the property in person?

It’s free, with no obligation.

CityRealty Logo

"*" indicates required fields

or Call (212) 755-5544

Interested in seeing the property in person?

It’s free, with no obligation.

CityRealty Logo

Distinctive Post Form

"*" indicates required fields

or Call (212) 755-5544
Contact us image

Get in Touch

We love to hear from you!

"*" indicates required fields

Send us a tip image
Delivering New York stories focused on design, lifestyle & real estate.

Send us a Tip

We love to hear from you!

"*" indicates required fields

Interesting in learning more about purchasing a new home?

Let us know what you are looking for and we’ll help you find the home of your dreams. It’s free, with no obligation.

CityRealty Logo
or Call (212) 755-5544

Thinking about selling your home?

We’ll provide current market comps and connect you with a trusted expert.

CityRealty Logo

Sell a Home (Footer)

"*" indicates required fields

or Call (212) 755-5544

Before You Move On
from this Page.

Subscribe for NYC's Lastest Design, Lifestyle,
and Real Estate Trends!

No Worries. We Don’t Spam.

By providing your email address, you agree to our Terms of Use and Privacy Policy.
You can unsubscribe at any time.

Your Daily Dose
of NYC Life!

No Worries. We Don’t Spam.

By providing your email address, you agree to our Terms of Use and Privacy Policy.
You can unsubscribe at any time.