The Chetrit Group is holding onto its Midtown workplace constructing by a inventive switch.
After a foreclosures case and $65 million in defaults threatened its management of 404 Fifth Avenue, the Chetrit Group bought the debt at a reduction. The agency, run by Juda and Michael Chetrit, then adopted up with a foreclosures sale in opposition to its personal entity, profitable it for a credit score bid and sustaining possession.
Though the Chetrit Group (to not be confused with the equally named Chetrit Group) has seen foreclosures circumstances, it has typically been capable of work out debt and preserve management.
An affiliate of the Chetrit household purchased the constructing — an eight-story landmarked property on the nook of West thirty seventh Avenue and Fifth Avenue — in 1998. Additionally it is referred to as the Stewart & Firm Constructing.
The proprietor took out $65 million in loans in opposition to the property courting again to 2016, with Meyer Chetrit of the Chetrit Group signing a number of the paperwork.
An affiliate of Blackstone launched a foreclosures case in January 2025, alleging maturity default.
A number of months later, in June 2025, Chetrit Group secured a reduced payoff of the debt, the Industrial Reporter first reported.
The brand new Chetrit-affiliated debt holder then initiated one other foreclosures case on the property the next November. The borrower and debt holder in that case agreed to a judgment of foreclosures in Could 2026. That settlement set the debt at practically $84 million.
The foreclosures judgment was entered in July and the sale was accomplished with a credit score bid earlier this month.
Christopher Milito, an lawyer for the plaintiff with Morrison Cohen, declined to remark.
The Chetrit Group has typically stored a decrease profile than the Chetrit Group. The previous was headed by brothers Joseph, Meyer, Juda and Jacob Chetrit. However Joseph and Meyer break up off to start out the Chetrit Group in 2011. After Jacob’s death in 2025, his son Michael took over management of the Chetrit Group.
Whereas the Chetrit Group has been plagued by personal judgments and aggressive lenders, the Chetrit Group has typically been capable of work out its debt and steer clear of private ensures. It has labored out or refinanced loans on 459 and 427 Broadway, 393-401 Fifth Avenue, 404 Fifth Avenue and 65 Broadway.
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