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NEW YORK CITY-Isaac Chetrit, a relative of the real estate powerhouse Joseph Chetrit, is in contract to sell 396 Broadway for $40 million, GlobeSt.com has learned. An anonymous industry source confirms to GlobeSt.com that the buyer is a Spanish real estate fund.

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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