Updated Jan 6, 2026
Richard Mack Of Mack Real Estate Group Purchases Development Site From Joseph Chetrit For $94M
545 West 37th Street
$94,000,000
Building Size
—
Asset Type
Development Site
Closing
Dec 18, 2025
About this deal
AI
A development site located at 545 West 37th Street in Hudson Yards, Manhattan, was sold for $94,000,000. The property encompasses 172,810 square feet, resulting in a price per square foot of $544.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $94,000,000
- Buyer: Richard Mack - Mack Real Estate Group
- Seller: Joseph Chetrit - Chetrit Group
- BSF: 172,810
- PPBSF: $544
Richard Mack, representing Mack Real Estate Group, acquired the property from Joseph Chetrit, who is affiliated with Chetrit Group. The transaction took place on December 18, 2025.
On the Map
$94,000,000
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.17%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93