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Stanley Chera

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Stanley Chera
Born1942 (1942)
Brooklyn, New York, U.S.
DiedApril 11, 2020(2020-04-11) (aged 77–78)
New York City, New York
NationalityUnited States
OccupationReal estate developer
Known forFounder of Crown Acquisitions
Children3
ParentIsaac Chera

Stanley I. Chera (1942 – April 11, 2020) was an American real estate developer and founder of Crown Acquisitions.[1]

Early life

Chera was born in 1942 in Brooklyn to a Syrian Jewish family.[1][2][3][4] 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]

Career

In the 1980s, Chera (then 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 was known for developing or "repositioning" the retail portion of his buildings and then selling the property.[2]

In a joint venture with The Carlyle Group and Charles Kushner, Chera sold the retail portion of 666 Fifth Avenue in two transactions for more than $1 billion;[5] and also the retail portion of the St. Regis Hotel in a joint venture with Lloyd Goldman and Jeffrey Feil for $380 million.[6] In 2010, he began the restoration of The Knickerbocker Hotel in Manhattan.[1][7] In 2012, Chera purchased 49.9% interest in a four-building Fifth Avenue portfolio that included the Olympic Tower for $1 billion from the Alexander S. Onassis Public Benefit Foundation.[8]

In June 2013, Chera purchased 650 Madison Avenue for $1.3 billion in partnership with Highgate Holdings from the Carlyle Group.[5][6] He was an investor in the One World Trade Center[1] and accumulated a lot of property in Red Hook, Brooklyn.[1] Crown is also a prominent investor (along with Albert Laboz, Joseph Jemal, and Eli Gindi) in the Fulton Mall in Brooklyn.[9] Chera had 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.[10]

Personal life

Chera had three sons: Isaac "Ike" Chera, Haim Chera, and Richard Chera who are all active in the family business.[2][11] Chera was a leader in the Brooklyn Sephardic Jewish community. Chera was an associate and friend of Donald Trump, and donated to the Trump Victory Committee.[12][13]

Death

In March 2020, Chera was hospitalized.[14] It was confirmed that he tested positive for COVID-19 while living in his home in Deal, New Jersey.[15] Chera entered a coma the following week[16] and died on April 11, 2020.[17] Chera's illness contributed to Donald Trump's decision to abandon his call to ease pandemic lockdown restrictions in the United States by Easter.[18]

References

  1. ^ a b c d e f g h Marino, Vivian (June 25, 2010). "Stanley Chera". New York Times. Retrieved December 9, 2017.
  2. ^ a b c d e f g 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. ^ "Crown Acquisitions Founder Stanley Chera Dies of Coronavirus". The Real Deal New York. 2020-04-11. Retrieved 2020-04-12.
  5. ^ a b The Real Deal: "$1.3B sale of 650 Madison hinges on dramatic increase in retail value, sources say" by Adam Pincus June 03, 2013
  6. ^ a b Jewish Voice New York: "Chera Family’s Crown Acquisitions Buys 650 Madison for $1.3 Billion" By Boruch Shubert June 5, 2013
  7. ^ The Real Deal: "Stanley Chera dishes on the Knickerbocker" June 28, 2010
  8. ^ The Real Deal: "Crown takes stake in $1B Fifth Avenue portfolio" May 14, 2012
  9. ^ 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
  10. ^ New York Observer: "Big-Time Fight Over St. Regis Retail; Chera Cries ‘Conspiracy’ in Lawsuit" By Dana Rubinstein November 10, 2009
  11. ^ Commercial Observer: "Cartier! Versace! Vuitton! Financing Next Gen at Crown’s Ritzy Retail Focus" by Alessia Pirolo May 29, 2013
  12. ^ RASKIN, SALLY GOLDENBERG with SAM. "Trump's real estate buds". Politico PRO. Retrieved 2020-04-12.
  13. ^ Haberman, Maggie (2020-04-01). "Friend Who Trump Says Has Coronavirus Is a New York Developer". The New York Times. ISSN 0362-4331. Retrieved 2020-04-12.
  14. ^ Weiss, Lois (March 24, 2020). "Developer and Trump pal Stanley Chera hospitalized". New York Post. Retrieved April 11, 2020.
  15. ^ "Stanley Chera in coma with Covid-19". The Real Deal. April 1, 2020. Retrieved April 11, 2020.
  16. ^ https://therealdeal.com/2020/04/01/stanley-chera-in-coma-with-covid-19/
  17. ^ "Stanley Chera, titan of NYC retail, dies of coronavirus". The Real Deal. Retrieved 11 April 2020.
  18. ^ Sherman, Gabriel (April 1, 2020). ""The Campaign Panicked": Inside Trump's Decision to Back Off of His Easter Coronavirus Miracle". Vanity Fair. Retrieved April 11, 2020.
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