Stanley Chera | |
---|---|
Born | Stanley Isaac Chera October 22, 1942 New York City, US |
Died | April 11, 2020 New York City, US | (aged 77)
Occupation(s) | Businessman, investor |
Known for | Founder of Crown Acquisitions |
Spouse | Frieda |
Children | 3 |
Stanley Isaac Chera (October 22, 1942 – April 11, 2020) was an American billionaire businessman and investor. [1] The founder of Crown Acquisitions. [2] Born in Brooklyn to a Syrian Jewish family, Chera started purchasing real estate in New York City in the 1980s, first as a minority partner and later in the 2000s as the lead developer.
Chera had a wife and three sons. Chera died due to complications brought on by COVID-19. [3] [4]
Chera was born on October 22, 1942, in Brooklyn, New York City, to a Syrian Jewish family. [4] [5] [6] [7] In 1947, [2] his father Isaac Chera opened a retail store called Young World in Brooklyn. [5] The family later purchased the building and grew Young World into a chain purchasing the buildings as they expanded. [5]
In the 1980s, Chera (then in charge of the family company) started purchasing real estate in New York City [2] at first as a minority partner and later in 2000s as the lead developer. [5] Chera was known for developing or "repositioning" the retail portion of his buildings and then selling the property. [5]
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; [8] and also the retail portion of the St. Regis Hotel in a joint venture with Lloyd Goldman and Jeffrey Feil for $380 million. [9] In 2010, he began the restoration of The Knickerbocker Hotel in Manhattan. [2] [10] 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. [11]
In June 2013, Chera purchased 650 Madison Avenue for $1.3 billion in partnership with Highgate Holdings from the Carlyle Group. [8] [9] He was an investor in the One World Trade Center [2] and accumulated significant property in Red Hook, Brooklyn. [2] Crown was also a prominent investor (along with Albert Laboz, Joseph Jemal, and Eli Gindi) in the Fulton Mall in Brooklyn. [12] Chera had a conservative investment strategy borrowing no more than 25–35% of the purchase price [2] given that they were long term holders in assets. [5] In 2009, Crown held 15,000,000 square feet (1,400,000 m2) real estate in New York City. [13]
Chera and his wife Frieda, nicknamed "Cookie", [14] had three sons: Isaac "Ike", Haim, and Richard, all active in the family business. [5] [15] 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. [16] [17]
Chera was hospitalized for an unknown illness in March 2020 [18] and later tested positive for COVID-19. Prior to his hospitalization, he had relocated to his home in Deal, New Jersey. [19] Chera entered a coma the following week [20] and died on April 11, 2020. [21] His wife also contracted the virus, but recovered. [14]
Donald Trump, in a May 2020 Fox News interview, [22] described Chera's death as having a high impact on his thinking:
I've lost three friends. One, a very good friend, a very successful man, New York guy, employed a lot of people that were all crying over his death. Stanley Chera. He went to the hospital, he calls me up. He goes, "I tested positive." I said, "Well, what are you going to do?" He said, "I'm going to the hospital. I'll call you tomorrow." He didn't call. I call the hospital, he's in a coma. Now, I know a lot of people that had the flu, they were never in a coma.
When Trump contracted COVID, he said "Am I going out like Stan Chera? Am I?" [23]
Stanley Chera | |
---|---|
Born | Stanley Isaac Chera October 22, 1942 New York City, US |
Died | April 11, 2020 New York City, US | (aged 77)
Occupation(s) | Businessman, investor |
Known for | Founder of Crown Acquisitions |
Spouse | Frieda |
Children | 3 |
Stanley Isaac Chera (October 22, 1942 – April 11, 2020) was an American billionaire businessman and investor. [1] The founder of Crown Acquisitions. [2] Born in Brooklyn to a Syrian Jewish family, Chera started purchasing real estate in New York City in the 1980s, first as a minority partner and later in the 2000s as the lead developer.
Chera had a wife and three sons. Chera died due to complications brought on by COVID-19. [3] [4]
Chera was born on October 22, 1942, in Brooklyn, New York City, to a Syrian Jewish family. [4] [5] [6] [7] In 1947, [2] his father Isaac Chera opened a retail store called Young World in Brooklyn. [5] The family later purchased the building and grew Young World into a chain purchasing the buildings as they expanded. [5]
In the 1980s, Chera (then in charge of the family company) started purchasing real estate in New York City [2] at first as a minority partner and later in 2000s as the lead developer. [5] Chera was known for developing or "repositioning" the retail portion of his buildings and then selling the property. [5]
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; [8] and also the retail portion of the St. Regis Hotel in a joint venture with Lloyd Goldman and Jeffrey Feil for $380 million. [9] In 2010, he began the restoration of The Knickerbocker Hotel in Manhattan. [2] [10] 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. [11]
In June 2013, Chera purchased 650 Madison Avenue for $1.3 billion in partnership with Highgate Holdings from the Carlyle Group. [8] [9] He was an investor in the One World Trade Center [2] and accumulated significant property in Red Hook, Brooklyn. [2] Crown was also a prominent investor (along with Albert Laboz, Joseph Jemal, and Eli Gindi) in the Fulton Mall in Brooklyn. [12] Chera had a conservative investment strategy borrowing no more than 25–35% of the purchase price [2] given that they were long term holders in assets. [5] In 2009, Crown held 15,000,000 square feet (1,400,000 m2) real estate in New York City. [13]
Chera and his wife Frieda, nicknamed "Cookie", [14] had three sons: Isaac "Ike", Haim, and Richard, all active in the family business. [5] [15] 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. [16] [17]
Chera was hospitalized for an unknown illness in March 2020 [18] and later tested positive for COVID-19. Prior to his hospitalization, he had relocated to his home in Deal, New Jersey. [19] Chera entered a coma the following week [20] and died on April 11, 2020. [21] His wife also contracted the virus, but recovered. [14]
Donald Trump, in a May 2020 Fox News interview, [22] described Chera's death as having a high impact on his thinking:
I've lost three friends. One, a very good friend, a very successful man, New York guy, employed a lot of people that were all crying over his death. Stanley Chera. He went to the hospital, he calls me up. He goes, "I tested positive." I said, "Well, what are you going to do?" He said, "I'm going to the hospital. I'll call you tomorrow." He didn't call. I call the hospital, he's in a coma. Now, I know a lot of people that had the flu, they were never in a coma.
When Trump contracted COVID, he said "Am I going out like Stan Chera? Am I?" [23]