The source tells GlobeSt.com that the buyer went hard oncontract. "They are turning the building into a hotel."
The source also explains that Isaac Chetrit in the process oflooking to do a 1031 exchange and is looking to purchase acommercial building for around $100 million in Manhattan's GarmentDistrict.
Chetrit isn't new to the Garment District area. Last year,GlobeSt.com exclusively reportedthat Isaac Chetrit had purchased 989 Avenue of the Americas for $49million and 240 W. 37th St. for about $43 million. Paul Walker, aVP of CB Richard Ellis, told GlobeSt.com at the time that theGarment District had increasingly become an area of interest forinvestors. Walker also noted at the time that the "lower pricepoints can give non-traditional New York City investors a chance toown part of the market."
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