Eli, Isaac Chetrit, sell 70% stake in SoHo property to Aini Assets, halting foreclosure

Jacob Aini’s Aini Assets through the entity 447 Broadway AA LLC paid $10.5 million to Eli Chetrit and Isaac Chetrit through the entity Zahava Realty Corp for a 70 percent stake in the office building (O5) at 447 Broadway in SoHo, Manhattan. The expected use is cash flowing. It’s unclear if the $10.5 million represents the full value of the building or the 70 percent stake, implying it is worth $15 million. At the same time, the new owner group affirmed there was $13.6 million of debt held by BH Capital FL LLC, an entity in care of Jacob Aini’s Florida address.

Maverick Real Estate Partners filed a pre-foreclosure action in July 2024, 850238/2024, alleging the original $14.3 million loan was in default. As part of this sale, Maverick sold the loan to BH Capital FL LLC on February 27, 2024. No discontinuance has been filed as of publication with the court, but since Maverick has sold the loan, the case will be moot.
The deal closed on February 27, 2025 and was recorded on March 5, 2025. The property has 25,000 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $420 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for the Chetrits as sellers was Eli Chetrit by the name Eliahou Chetrit. The signatories for Eli Chetrit , Isaac Chetrit , and Jacob Aini as buyers were Jacob Aini and Eli Chetrit. The contract date was February 27, 2025. The Aini family sometimes uses the name Aini Assets. This branch of the Chetrit family uses the names AB & Sons and Patriarch Equities as their real estate owner companies.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Eli Chetrit had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Eli Chetrit had not purchased any other properties and had not sold any properties over the same time period. The 25,000-square-foot property generated revenue of $2.6 million or $104 per square foot, according to the most recent income and expense figures.

The property

The office building in SoHo has 25,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 24 feet and is 200 feet deep with a total lot size of 4,974 square feet. The property is in the SoHo-Cast Iron Historic District. The city-designated market value for the property in 2022 is $9.1 million. The most recent loan totaled 0.0 and was provided by Maverick Real Estate Partners on February 22, 2024.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $14.3 million commercial foreclosure concerning a loan filed on July 9, 2024, by Maverick Real Estate Partners against AB & Sons, Eli Chetrit, and Isaac Chetrit. In addition, according to city public data, the property has received one DOB violation, $800 in ECB penalties, and $5,100 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In SoHo, The bulk, or 46 percent of the 9.5 million square feet of commercial built space are office buildings, with mixed-use buildings next occupying 14 percent of the space. In sales, SoHo has 2.7 times the average sales volume among other neighborhoods with $719 million in sales volume in the last two years and is the 15th highest in Manhattan. For development, SoHo has had very little major development activity relative to other neighborhoods.It had 485,516 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 10 of the 15 commercial properties representing 240,028 square feet of the 404,114 square feet. The largest owner is United American Land, followed by Chetrit Group and then Ezra Omri.
There are no active new building construction projects on this tax block.

The majority, or 64 percent of the 404,114 square feet of built space are office buildings, with retail buildings next occupying 19 percent of the space.

The seller

The PincusCo database currently indicates that Isaac Chetrit owned at least three commercial properties in New York City with 465,085 square feet and a city-determined market value of $162.9 million. (Market value is typically about 50% of actual value.) The portfolio has $9.8 million in debt, borrowed from Signature Bank. Within the portfolio, the bulk, or 95 percent of the 465,085 square feet of built space are office properties, with retail properties next occupying 5 percent of the space. The bulk, or 95 percent of the built space, is in Manhattan, with Brooklyn next at 5 percent of the space.
The PincusCo database currently indicates that Eli Chetrit owned at least one commercial property in New York City with 80,604 square feet and a city-determined market value of $34.7 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single office property. It is located in Manhattan.

The buyer

The PincusCo database currently indicates that Jacob Aini owned at least seven commercial properties with 520 residential units in New York City with 588,288 square feet and a city-determined market value of $184.2 million. (Market value is typically about 50% of actual value.) The portfolio has $27 million in debt, borrowed from Sterling National Bank. Within the portfolio, the bulk, or 72 percent of the 588,288 square feet of built space are office properties, with hotel properties next occupying 21 percent of the space. The bulk, or 98 percent of the built space, is in Manhattan, with Brooklyn next at 2 percent of the space.
The PincusCo database currently indicates that Isaac Chetrit owned at least three commercial properties in New York City with 465,085 square feet and a city-determined market value of $162.9 million. (Market value is typically about 50% of actual value.) The portfolio has $9.8 million in debt, borrowed from Signature Bank. Within the portfolio, the bulk, or 95 percent of the 465,085 square feet of built space are office properties, with retail properties next occupying 5 percent of the space. The bulk, or 95 percent of the built space, is in Manhattan, with Brooklyn next at 5 percent of the space.
The PincusCo database currently indicates that Eli Chetrit owned at least one commercial property in New York City with 80,604 square feet and a city-determined market value of $34.7 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single office property. It is located in Manhattan.

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