Jacob Chetrit, a noted figure in the New York City real estate scene, has died at the age of 69. The Chetrit family is one of the major players in the city's real estate market, owning significant properties across Manhattan. The Chetrit Group, founded by Joseph, Meyer, and Juda Chetrit alongside Jacob, has been responsible for high-profile transactions including the purchase and later sale of the iconic Willis Tower in Chicago and the acquisition of properties like the Sony Building in New York. Crain's New York reported on the loss of the real estate investor but did not detail the cause of death or where it occurred.
After parting ways with his brothers around 2011 due to a reported disagreement, Jacob and brother Juda established the Chetrit Organization, taking control of notable New York properties including 1 Whitehall St. However, both this building and another at 428 Broadway are currently facing foreclosure issues. Amid these career highlights, the troubles of the city's commercial real estate stand starkly; Crain's New York has noted that buildings owned by Chetrit Group at 427 and 459 Broadway have not received mortgage payments for nearly a year, revealing the ongoing strains within the sector.
The Chetrit family's origins trace back to Morocco, with Joseph Chetrit making his way to the U.S. in the late 1980s and initially establishing a foothold in the garment industrybefore turning his sights to real estate. Jacob's role within the Chetrit Organization was influential, spearheading acquisitions and navigating the complex landscape of the New York property market. The Commercial Observer quoted Jonathan Mechanic, chairman of Fried Frank's real estate department, referring to Jacob as "one of the behind-the-scenes geniuses," adept at transforming unwanted properties into highly desirable assets.
Jacob Chetrit's death also calls attention to the achievements and ventures beyond New York. Notably, he had been active in the Florida real estate market with developments in Pompano Beach and Hollywood Beach alongside his brother Joseph. The family's significant influence extended beyond their significant New York assets, with the brothers generating a considerable impact within the real estate sector nationwide. While the Chetrit Organization managed some holdings from the Chetrit Group, Jacob's death and its potential impact on the future of both entities remain unclear as The Real Deal first reported that a funeral had already taken place in Jerusalem the day before.
The large-scale dealings of the Chetrits include the ambitious but ultimately unsuccessful attempt to acquire the former New York Daily News headquarters for $815 million, a deal that fell through when Deutsche Bank withdrew financing due to the pandemic's economic effects. Serving as a testament to the tumultuous nature of the real estate industry, Jacob's career encompasses both the highs of successful transactions and the lows, like the dealings with the New York Daily News building, all of which contribute to a legacy of savvy investment and an eye for opportunity. In honoring his impact, the community of the Ohel Moshe Synagogue in Brooklyn, where the Chetrits have been active members, has announced his passing. The loss of Jacob Chetrit marks the end of an era for a family that has shaped the skyline and fabric of New York City.
