The source tells GlobeSt.com that the buyer went hard on contract. "They are turning the building into a hotel."
The source also explains that Isaac Chetrit in the process of looking to do a 1031 exchange and is looking to purchase a commercial building for around $100 million in Manhattan's Garment District.
Chetrit isn't new to the Garment District area. Last year, GlobeSt.com exclusively reported that Isaac Chetrit had purchased 989 Avenue of the Americas for $49 million and 240 W. 37th St. for about $43 million. Paul Walker, a VP of CB Richard Ellis, told GlobeSt.com at the time that the Garment District had increasingly become an area of interest for investors. Walker also noted at the time that the "lower price points can give non-traditional New York City investors a chance to own part of the market."
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
