After alleged default, Chetrit Org maintains ownership of 404 Fifth Avenue

The Chetrit Organization is holding onto its Midtown office building through a creative transfer.  After a foreclosure case and $65 million in defaults threatened its control of 404 Fifth Avenue, the Chetrit Organization purchased the debt at a discount. The firm, run by Juda and Michael Chetrit, then followed up with a foreclosure sale against its own entity, winning it for a credit bid and maintaining ownership.  Although the Chetrit Organization (not to be confused with the similarly named Chetrit Group) has seen foreclosure cases, it has generally been able to work out debt and maintain control.  An affiliate of […]

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