{"id":338047,"date":"2026-09-04T14:10:31","date_gmt":"2026-09-04T14:10:31","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/338047\/"},"modified":"2026-09-04T14:10:31","modified_gmt":"2026-09-04T14:10:31","slug":"sagehall-picks-up-chetrit-organizations-428-broadway-for-47m-commercial-observer","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/338047\/","title":{"rendered":"Sagehall Picks Up Chetrit Organization\u2019s 428 Broadway for $47M \u2013 Commercial Observer"},"content":{"rendered":"

An entity linked to New York City-based private real estate investment firm Sagehall<\/a> has purchased Chetrit Organization<\/a>\u2019s office building at 428 Broadway for $47 million, according to city records filed Thursday<\/a>.\u00a0<\/p>\n

Jason Levine, managing director at Sagehall, signed for the buyer entity, 428 Broadway Owner. The seller entities are a partnership between the Chetrit Organization, for which Michael Chetrit signed on behalf of two holding companies, and investor American Industrial<\/a>, co-founded by Roget Lerner and Jean-Marc Donics, the latter of whom signed on behalf of entity AI SoHo Investors.<\/p>\n

SEE ALSO: Rockpoint Buys Oceanfront Fort Lauderdale Hotel for $47M<\/a><\/p>\n

Chetrit Group<\/a> purchased the six-story property in Manhattan\u2019s SoHo neighborhood in 2005 for $22.5 million. It became the property of the Chetrit Organization in the years following the family\u2019s enterprise split in the mid-2000s.\u00a0<\/p>\n

The building eventually ran into distress after its four-floor anchor tenant, WeWork, filed for bankruptcy in 2023<\/a>. The coworking firm\u2019s departure from 428 Broadway left the building 96 percent vacant. Its current level of occupancy is unclear.\u00a0<\/p>\n

Lender LoanCore Capital Credit began foreclosure actions against 428 Broadway<\/a> in 2024, alongside 1 Whitehall Street in the Financial District, claiming default on roughly $200 million worth of loans. The latter office building was sold earlier this year for $105 million<\/a> to Nathan Berman\u2019s Metro Loft and Idan Ofer\u2019s Quantum Pacific Group for a planned residential conversion.<\/p>\n

The mortgage debt on 428 Broadway appears to have changed hands from LoanCore to an entity belonging to Chetrit Organization and Donics, C&AI Soho Holding, in late 2025. The entity took ownership of the property in a recent foreclosure auction, allowing the partners to facilitate a sale.\u00a0<\/p>\n

Donic declined to comment on the recent sale, while spokespeople for Sagehall and Chetrit did not immediately respond to requests for comment.\u00a0<\/p>\n

The Chetrit Organization\u2019s former headquarters at 404 Fifth Avenue was recently sold back to its lenders<\/a>, Crain\u2019s New York reported earlier this week, carrying $75 million in debt. Its counterpart in the family business, Chetrit Group, has been plagued by distress<\/a> and legal troubles over the past year, and has indicated in court filings that it is in the process of being dissolved<\/a>.<\/p>\n

Emily Davis can be reached at edavis@commercialobserver.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"An entity linked to New York City-based private real estate investment firm Sagehall has purchased Chetrit Organization\u2019s office…\n","protected":false},"author":2,"featured_media":338048,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[3624,126940,126941,126942,75,84,83,48185,9,24,63,126943],"class_list":["post-338047","post","type-post","status-publish","format-standard","has-post-thumbnail","category-manhattan","tag-channel","tag-investments-sales-428-broadway","tag-jason-levine","tag-jean-marc-donics","tag-manhattan","tag-manhattan-headlines","tag-manhattan-news","tag-michael-chetrit","tag-new-york","tag-new-york-city","tag-nyc","tag-roget-lerner"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/338047","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=338047"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/338047\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/338048"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=338047"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=338047"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=338047"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}