ChetritGroup

What ChetritGroup does

Chetrit Group is a privately held real estate investment and development firm owned by principals Joseph Chetrit and Meyer Chetrit. The company's portfolio has historically centered on large urban commercial and hospitality assets in major US markets, most prominently the Standard Oil Building at 26 Broadway in New York's Financial District, a landmark office tower, and the Tides Hotel in Miami Beach. Revenue is generated through commercial office leasing and, historically, hospitality operations, with the Miami Beach hospitality exposure now lost through foreclosure.

The firm is in severe financial distress. The $290 million CMBS loan on 26 Broadway has been transferred to special servicing after the Chetrits acknowledged they could not continue payments; occupancy at the asset has slipped from 83% at underwriting to 75%, net cash flow has declined 30%, and the DSCR has fallen to 0.76x. The Tides Hotel was lost to lender Safe Harbor Equity in a foreclosure auction following a five-year legal battle over a $45 million mortgage, and a $95.6 million final judgment was issued against Chetrit affiliates in that matter.

Aggregate court judgments against the principals exceed $170 million, including a $132 million judgment to Maverick Real Estate Partners and a $39 million fire-damage judgment. Both Joseph and Meyer Chetrit were arrested in October on criminal harassment charges. The firm has no disclosed technology platform, no institutional investors, no parent company, and operates with a contracting footprint across New York and (formerly) Miami Beach.

Name

ChetritGroup

Website

https://chetritgroup.com

Company type

Private

Operating status

Operating

Short description

Chetrit Group is a privately held New York real estate investment firm owned by Joseph and Meyer Chetrit, historically focused on commercial office and hospitality assets in major US markets. Its portfolio is contracting under severe financial distress, with key properties in foreclosure or special servicing.

Ownership category

akta.pro rank

Product category

Commercial Real Estate

NAICS

Lessors of Real Estate (5311), Real Estate and Rental and Leasing (53), Lessors of Other Real Estate Property (53119)

SIC

Real Estate Dealers (For Their Own Account) (6532), Investors, Nec (6799)

akta.pro primary industry

Core Real Estate (Stabilized/Core-Plus) (FSAAAKAA)

Keywords

• Commercial real estate
• Property development
• Real estate investment
• Office leasing
• Hospitality properties

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Others

Revenue model

1. Commercial Real Estate Rental Income: Revenue from leasing office space at properties such as 26 Broadway in New York's Financial District
2. Hospitality Operations: Former ownership and operation of hospitality properties including Tides Hotel in Miami Beach, now lost through foreclosure

Core offering

Chetrit Group is a privately held real estate investment and development firm that owns, operates, and manages commercial real estate properties in major U.S. urban markets. Its flagship asset is 26 Broadway (the Standard Oil Building) in New York's Financial District, a commercial office building leased to corporate tenants. The firm has historically also invested in hospitality properties, such as the Tides Hotel in Miami Beach, though that asset was lost through foreclosure.

Product overview

ChetritGroup is a real estate investment and development firm. Based on available source data, the company is involved in commercial property ownership including office buildings (such as 26 Broadway, the Standard Oil Building in New York's Financial District) and hospitality properties (such as the Tides Hotel in Miami Beach). The source data does not provide specific details about a technology product portfolio or named product offerings.

Differentiator

Problem solved

Functional benefit

Products and services

• 26 Broadway (Standard Oil Building)

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators5 records

Recent moves6 records

Expansion highlights1 record

Direct peers

• Fisher Brothers: Family-owned NYC commercial real estate firm owning and operating trophy office assets including 299 Park Avenue and other Financial District properties. Closely comparable in structure as a private family-controlled owner-operator of Manhattan office buildings.
• Monday Properties: NYC-focused commercial real estate investment and development firm with significant office holdings. Comparable as a privately-held owner-operator of Manhattan commercial properties navigating post-COVID office market dynamics.
• The Trump Organization: Family-controlled NYC real estate company with a portfolio of Manhattan commercial office properties. Comparable as a privately-held family firm focused on NYC trophy office assets, though operating at a larger scale than Chetrit.
• Related Companies: Privately-held NYC real estate developer and owner of major commercial and mixed-use properties including Hudson Yards and 30 Hudson Yards. Comparable as a large family/private-controlled developer-investor with concentrated NYC exposure.
• RFR Holding LLC: Privately-held NYC real estate firm founded by Aby Rosen, owner of iconic Manhattan office buildings including 375 Park Avenue (Seagram Building) and the Standard Hotel brand. Comparable as a private owner of landmark NYC commercial properties facing similar post-COVID office headwinds.

Broad incumbents

• Brookfield Asset Management: Global alternative asset manager with massive NYC office exposure through Brookfield Property Partners, including Manhattan office towers. Comparable as a distressed-buyer in the NYC office market that may acquire Chetrit assets at special-servicer-driven pricing.
• Tishman Speyer: Major global real estate investor and developer with significant NYC office holdings including Rockefeller Center. Comparable as a long-standing owner-operator of trophy NYC commercial properties experiencing similar occupancy and refinancing pressures.
• Vornado Realty Trust: Major publicly-traded Manhattan office REIT with a portfolio concentrated in Penn District and select Financial District assets. Comparable as a trophy-office owner navigating post-COVID occupancy headwinds similar to Chetrit's 26 Broadway challenges.
• SL Green Realty Corp. Largest NYC-focused office landlord and the dominant publicly-traded REIT in Manhattan. Directly comparable as an owner/operator of Financial District and Midtown office assets including landmark properties, with a much larger and more diversified portfolio than Chetrit.
• Empire State Realty Trust: Publicly-traded REIT owning the Empire State Building and a portfolio of NYC and mid-Atlantic office and retail properties. Comparable as a Manhattan-tilted office landlord facing similar occupancy and refinancing pressures in the current cycle.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat2 records

Key risks5 records

Key highlights4 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ChetritGroup