Stanley Chera

Stanley Chera
Born 1942 (age 73–74)
Nationality United States
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. 1 2 3 4 5 6 7 8 New York Times: "Stanley Chera" By VIVIAN MARINO June 25, 2010
  2. 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
  3. ↑ The Real Deal: "Clans with Plans" by Adam Pincus February 01, 2011
  4. 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
  5. 1 2 Jewish Voice New York: "Chera Family’s Crown Acquisitions Buys 650 Madison for $1.3 Billion" By Boruch Shubert June 5, 2013
  6. ↑ The Real Deal: "Stanley Chera dishes on the Knickerbocker" June 28, 2010
  7. ↑ The Real Deal: "Crown takes stake in $1B Fifth Avenue portfolio" May 14, 2012
  8. ↑ 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
  9. ↑ New York Observer: "Big-Time Fight Over St. Regis Retail; Chera Cries ‘Conspiracy’ in Lawsuit" By Dana Rubinstein November 10, 2009
  10. ↑ Commercial Observer: "Cartier! Versace! Vuitton! Financing Next Gen at Crown’s Ritzy Retail Focus" by Alessia Pirolo May 29, 2013
  11. ↑ Israel National News: "Brooklyn Syrian Jews Apologize to Rabbi Hecht 17 Years Later" By Chana Ya'ar April 1, 2012
  12. ↑ The Sephardic Community Alliance: "Building our Future by Preserving the Past" September 2009


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