Isaac Chetrit to seek rezoning for Ridgewood resi conversion
Isaac Chetrit is planning to seek a rezoning of a 216,400-square-foot Ridgewood warehouse near the Bushwick border, in an effort to convert it to rentals, sources told The Real Deal.
In the next few months, Chetrit, who runs AB & Sons with his son Abraham and older brother Eli, would file an application with the Department of City Planning requesting a zoning alternation for the five-story property at 56-10 Decatur Street in Queens, now zoned for manufacturing use (M1-4D).
The owner would not expand the building as there is no additional square footage. The Chetrits hope the conversion would be complete by 2020, sources said. They had not yet determined how many apartments they would create, sources added.
The tenants now occupying the property have at most three years remaining on their leases, sources said. One of the tenants is sweater manufacturer New York Knitting Processor.
A representative for the Garment District-based company declined to comment.
The Chetrit family acquired the site in 2000 for an undisclosed sum, records show. The land is located just two blocks from the Ridgewood-Bushwick border along Cypress Avenue.
The warehouse is one of the few assets AB & Sons owns outside of Manhattan’s Garment District. The firm, in partnership with Sioni Group, is planning a skyscraper as high as 80 stories along Sixth Avenue.
Isaac, cousin to real estate mogul Joseph Chetrit, has been increasingly branching off on a separate venture with Abraham through a company known as Patriarch Equities. Patriarch partnered with Highgate and Sioni Group to buy the Affinia Manhattan for $217.5 million in December. That property was subsequently renamed the Stewart Hotel.
Elsewhere in Ridgewood, AB Capstone Builders Corporation intends to break ground next month on a 17-story, 130-unit rental building at the corner of Myrtle and St. Nicholas avenues.