Jacob Chetrit's Chetrit Organization faces foreclosure on two downtown properties after defaulting on nearly $200 million in loans, prompting a lawsuit from LoanCore Capital Credit.
Chetrit purchased the 21-story office building at 1 Whitehall for $181.5 million in 2019 but halted loan payments in July 2023, leading to the current legal actions against him.
At 428 Broadway, known as the Suspenders building, Chetrit defaulted on a $60 million mortgage, with LoanCore alleging he received a default notice in August 2023.
Despite having buildings that appear fully occupied, Chetrit's financial troubles mount as loans backed by additional properties have also been sent to special servicing.
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