Stanley Chera
| Stanley Chera | |
|---|---|
| Born | 1942 (age 73–74) |
| Nationality | United States |
| Ethnicity | Syrian Jewish |
| Occupation | real estate developer |
| Known for | founder of Crown Acquisitions |
| Religion | Sephardic Judaism |
| Children |
Haim Chera Isaac "Ike" Chera Richard Chera |
| Parent(s) | Isaac Chera |
Stanley Chera (born 1942) is an American real estate developer and founder of Crown Acquisitions.[1]
Biography
Chera was born in 1942[1] to a Syrian Jewish family.[2][3] In 1947,[1] his father Isaac Chera opened a retail store called Young World in Brooklyn, New York.[2] The family later purchased the building and grew Young World into a chain purchasing the buildings as they expanded.[2] In the 1980s, Chera - now in charge of the family company - started purchasing real estate in New York City[1] at first as a minority partner and later in 2000s as the lead developer.[2] Chera is known for developing or "repositioning" the retail portion of his buildings and then selling the property.[2]
Chera in a joint venture with The Carlyle Group and Charles Kushner sold the retail portion of 666 Fifth Avenue in two transactions for more than $1 billion;[4] and also the retail portion of the St. Regis Hotel in a joint venture with Lloyd Goldman and Jeffrey Feil for $380 million.[5] In 2010, he began the restoration of the The Knickerbocker Hotel in Manhattan.[1][6] In 2012, The Chera purchased 49.9% interest in a four-building Fifth Avenue portfolio that includes the Olympic Tower for $1 billion from the Alexander S. Onassis Public Benefit Foundation.[7]
In June 2013, Chera purchased 650 Madison Avenue for $1.3 billion in partnership with Highgate Holdings from the Carlyle Group.[4][5] He is an investor in the One World Trade Center[1] and has accumulated a lot of property in Red Hook, Brooklyn.[1] Crown is also a prominent investor in the Fulton Mall in Brooklyn.[8] Chera has a conservative investment strategy borrowing no more than 25 to 35% of the purchase price[1] given that they are long term holders in assets[2] In 2009, Crown held 15 million square feet of real estate in New York City.[9]
Personal life
Chera has three sons: Haim Chera, Isaac "Ike" Chera, and Richard Chera who are all active in the family business.[2][10] Chera is a leader in the Brooklyn Sephardic Jewish community[11] and is a founding member of the The Sephardic Community Alliance.[12]
References
- 1 2 3 4 5 6 7 8 New York Times: "Stanley Chera" By VIVIAN MARINO June 25, 2010
- 1 2 3 4 5 6 7 The Real Deal: "The Syrian retail touch - An inside look at the Syrian Jewish investors dominating NYC retail — from Sutton to Sitt, including how much revenue they’re pulling in" By Adam Pincus January 01, 2014
- ↑ The Real Deal: "Clans with Plans" by Adam Pincus February 01, 2011
- 1 2 The Real Deal: "$1.3B sale of 650 Madison hinges on dramatic increase in retail value, sources say" by Adam Pincus June 03, 2013
- 1 2 Jewish Voice New York: "Chera Family’s Crown Acquisitions Buys 650 Madison for $1.3 Billion" By Boruch Shubert June 5, 2013
- ↑ The Real Deal: "Stanley Chera dishes on the Knickerbocker" June 28, 2010
- ↑ The Real Deal: "Crown takes stake in $1B Fifth Avenue portfolio" May 14, 2012
- ↑ The Real Deal: "Families plot Fulton Mall face-lift - A parcel-by-parcel look at what the corridor's tight-knit group of owners has in store" By Patrick Egan January 31, 2011
- ↑ New York Observer: "Big-Time Fight Over St. Regis Retail; Chera Cries ‘Conspiracy’ in Lawsuit" By Dana Rubinstein November 10, 2009
- ↑ Commercial Observer: "Cartier! Versace! Vuitton! Financing Next Gen at Crown’s Ritzy Retail Focus" by Alessia Pirolo May 29, 2013
- ↑ Israel National News: "Brooklyn Syrian Jews Apologize to Rabbi Hecht 17 Years Later" By Chana Ya'ar April 1, 2012
- ↑ The Sephardic Community Alliance: "Building our Future by Preserving the Past" September 2009