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Chetrit Plays Debt Game to Keep Midtown Tower | Real Estate News
The Chetrit Organization pulled off a masterful financial maneuver to save their Midtown landmark, the Stewart & Company Building at 404 Fifth Ave, from foreclosure. Facing $65 million in defaulted loans taken out in 2016, they bought the debt at a discount and foreclosed on their own shell entity — keeping the property intact. While the Chetrit Group has struggled with aggressive lenders, this move showcases the Organization’s savvy debt strategy, echoing past successes in refinancing other assets. After Blackstone initially filed for foreclosure, Chetrit stepped in, secured the debt, and…
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