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Chetrit Group’s Midtown Foreclosure | Real Estate News
A major Midtown Manhattan office complex at 500 and 512 Seventh Avenue is headed to auction after a $356 million foreclosure, triggered by the Chetrit Group’s financial collapse. Despite holding a 56% stake, the Chetrits — including Meyer Chetrit — admitted they hadn’t paid rent on their own offices for years, allegedly misusing tenant deposits and facing personal judgments. The buildings, once bought for $140M in 1999 and mortgaged for $375M in 2018, now face liquidation as lenders push forward. This isn’t just a real estate drama — it’s a cautionary tale of even big players falling victim…
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