Stanley Chera

Stanley Chera
Born
Stanley Isaac Chera

(1942-10-22)October 22, 1942
New York City, US
DiedApril 11, 2020(2020-04-11) (aged 77)
New York City, US
Occupation(s)Businessman, investor
Known forFounder of Crown Acquisitions
SpouseFrieda
Children3

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. In 2017, his net worth was estimated at $4 billion.[3]

Chera had a wife and three sons. Chera died due to complications brought on by COVID-19.[4][5][6]

Early life

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Chera was born on October 22, 1942, in Brooklyn, New York City, to a Syrian Jewish family.[5][7][8][9] In 1947,[2] his father Isaac Chera opened a retail store called Young World in Brooklyn.[7] The family later purchased the building and grew Young World into a chain purchasing the buildings as they expanded.[7]

Career

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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.[7] Chera was known for developing or "repositioning" the retail portion of his buildings and then selling the property.[7]

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;[10] and also the retail portion of the St. Regis Hotel in a joint venture with Lloyd Goldman and Jeffrey Feil for $380 million.[11] In 2010, he began the restoration of The Knickerbocker Hotel in Manhattan.[2][12] 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.[13]

In June 2013, Chera purchased 650 Madison Avenue for $1.3 billion in partnership with Highgate Holdings from the Carlyle Group.[10][11] 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.[14] 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.[7] In 2009, Crown held 15,000,000 square feet (1,400,000 m2) real estate in New York City.[15]

Personal life

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Chera and his wife Frieda, nicknamed "Cookie",[16] had three sons: Isaac "Ike", Haim, and Richard, all active in the family business.[7][17] 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.[18][19]

Death

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Chera was hospitalized for an unknown illness in March 2020[20] and later tested positive for COVID-19. Prior to his hospitalization, he had relocated to his home in Deal, New Jersey.[21] Chera entered a coma the following week[22] and died on April 11, 2020.[23] His wife also contracted the virus, but recovered.[16]

Donald Trump, in a May 2020 Fox News interview,[24] 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-19 himself, he was reported to have asked if he was "going out like Stan Chera".[25]

References

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  1. ^ Washington, David Charter (December 8, 2023). "Coronavirus: US pays a high price for Trump's mixed messages". The Times. ISSN 0140-0460. Retrieved December 8, 2023.
  2. ^ a b c d e f g Marino, Vivian (June 25, 2010). "Stanley Chera". New York Times. Retrieved December 9, 2017.
  3. ^ "Wealthy Trump Donors Buy Access And Tax Breaks". HuffPost. December 4, 2017. Retrieved October 18, 2024.
  4. ^ "Crown Acquisitions Founder Stanley Chera Dies of Coronavirus". The Real Deal New York. April 11, 2020. Retrieved July 6, 2020.
  5. ^ a b Seelye, Katharine Q. (April 17, 2020). "Stanley Chera, Developer and Friend of Trump, Dies at 77". The New York Times. ISSN 0362-4331. Retrieved July 6, 2020.
  6. ^ Weiss, Lois (April 13, 2020). "Real estate mogul Stanley Chera dead at 78 from coronavirus". Retrieved August 22, 2024.
  7. ^ a b c d e f g Pincus, Adam (January 1, 2014). "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"". The Real Deal. Archived from the original on January 20, 2021.
  8. ^ Pincus, Adam (February 1, 2011). "Clans with plans". The Real Deal. Archived from the original on March 4, 2016 – via The Wayback Machine.
  9. ^ "Crown Acquisitions Founder Stanley Chera Dies of Coronavirus". The Real Deal New York. April 11, 2020. Retrieved April 12, 2020.
  10. ^ a b The Real Deal: "$1.3B sale of 650 Madison hinges on dramatic increase in retail value, sources say" by Adam Pincus June 3, 2013
  11. ^ a b Jewish Voice New York: "Chera Family's Crown Acquisitions Buys 650 Madison for $1.3 Billion" By Boruch Shubert Archived April 28, 2016, at the Wayback Machine June 5, 2013
  12. ^ The Real Deal: "Stanley Chera dishes on the Knickerbocker" June 28, 2010
  13. ^ The Real Deal: "Crown takes stake in $1B Fifth Avenue portfolio" Archived June 26, 2015, at the Wayback Machine May 14, 2012
  14. ^ 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
  15. ^ New York Observer: "Big-Time Fight Over St. Regis Retail; Chera Cries 'Conspiracy' in Lawsuit" By Dana Rubinstein November 10, 2009
  16. ^ a b Weiss, Lois (April 13, 2020). "Stanley Chera, real estate mogul and friend of Trump, dead at 78 from coronavirus". New York Post. Retrieved April 13, 2020.
  17. ^ Commercial Observer: "Cartier! Versace! Vuitton! Financing Next Gen at Crown's Ritzy Retail Focus" by Alessia Pirolo May 29, 2013
  18. ^ RASKIN, SALLY GOLDENBERG with SAM. "Trump's real estate buds". Politico PRO. Archived from the original on April 12, 2020. Retrieved April 12, 2020.
  19. ^ Haberman, Maggie (April 1, 2020). "Friend Who Trump Says Has Coronavirus Is a New York Developer". The New York Times. ISSN 0362-4331. Retrieved April 12, 2020.
  20. ^ Weiss, Lois (March 24, 2020). "Developer and Trump pal Stanley Chera hospitalized". New York Post. Retrieved April 11, 2020.
  21. ^ "Stanley Chera in coma with Covid-19". The Real Deal. April 1, 2020. Retrieved April 11, 2020.
  22. ^ "Stanley Chera In Coma With COVID-19 - The Real Deal". The Real Deal New York. April 1, 2020.
  23. ^ "Stanley Chera, titan of NYC retail, dies of coronavirus". The Real Deal. April 11, 2020. Retrieved April 11, 2020.
  24. ^ Staff (May 3, 2020). "Donald Trump Virtual Town Hall Transcript". Rev.com. Retrieved May 4, 2020.
  25. ^ "Donald Trump repeatedly asked "am I going to die?" after coronavirus diagnosis". Daily Mirror. October 3, 2020.
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