Home News Chetrit Buys 102 Condos at Aging Hollywood Beach Resort

Chetrit Buys 102 Condos at Aging Hollywood Beach Resort

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Joseph Shetrit and Hollywood Beach Resort (Shetrit Group, LoopNet)

New York City-based Chetrit Group has acquired 102 condos in the last six months at Hollywood Beach Resort, a Hollywood oceanfront property built by the founders of Hollywood almost a century ago.

Chetrit’s move further demonstrates the trend among developers to buy waterfront condo owners. Champlain Towers South At the surfside last summer.

According to real estate records, the Chetrit Group-managed entity paid $ 15.5 million between November 17th and April 21st, and 102 condos in 96-year-old real estate on 101 North Ocean Drive on Barrier Island, Hollywood. I got. The average selling price was $ 152,400 per vehicle.

Chetrit Group executives were unable to comment on the company’s plans for a Hollywood beach resort where condo owners could rent units through condo hotels. Mixed-use properties also include privately owned parking and commercial spaces, including the desolate and depopulated Ocean Walk Mall on the first two floors of an eight-story building.

It is unknown how many units Chetrit must own to win a vote by the unit owners in order to dissolve the building’s condominium declaration and its unit owners’ association. The board of directors of the Hollywood Beach Hotel Owners Association did not respond to requests for comment.

According to state records, in the 12 months ending March 16, Jonathan Shetrit became president of the Hollywood Beach Hotel Owners Association and is now replacing Vice President Michel Jekic. Michael Chetrit has taken over the status of a newly created secretary.

South Florida developer Ron Tabatchnick said various developers, including Miami-based affiliates, have failed to gain control of Hollywood Beach Resort and redevelop real estate. ..

“I tried to relate. I tried. Many developers tried to make it happen, but it was a challenge,” he said. Margarita Building Hollywood Beach ResortA 369-key oceanfront hotel located 10 blocks north of Hollywood Beach Resort.

Tabatchnick once worked with the owner of a parking lot next to a condo hotel to plan a redevelopment of the Hollywood Beach Resort, but multiple ownership of different parts of the property hindered the redevelopment effort. Said that.

“It has always been a challenge. There are commercial organizations that own malls. Condo residents; and garage owners. And for some reason, they come together to make a cohesive plan and make everyone I couldn’t treat it fairly, “he said. “It’s like a Rubik’s cube. One entity can’t do that without the other two.”

Chetrit Group Experienced as a bulk condominium purchaser in South Florida. “This is just above their alley,” said Peter Zarevsky, a Miami-based condominium consultant who once consulted for a real estate company in New York.

A privately held company controlled by Joseph Chetrit and his brothers Jacob, Judas, and Meyer Versailles Hotels and condos in Miami Beach in 2013. The Chetrit Group has since received approval to refurbish the Art Deco landmark on 3425 Collins Avenue. Then, in the same year, it was sold to Alan Faena and Rembra Tonavic, the developers of the Faena district of Miami Beach.

Hollywood founder Joseph Young built the Hollywood Beach Resort for the winter tourist season of 1926, according to a presentation on the history of the property in November 2020 by Hollywood president Clive Taylor. The concrete pouring structure is open to the public. History Association. This renowned building served as a naval officer training facility during World War II, a seaside campus at Florida Bible College in the 1970s, and was subsequently launched as a timeshare resort in 1980.

Hollywood City spokesman Joan Hassy said last month that Hollywood Beach Resort owners applied for a 40-year recertification of building safety requirements for real estate structural and electrical. Clarified the need for targeted repairs. “Currently, they are in the process of permitting them to be repaired,” she said.

“It was built like a fortress, but it’s an outdated building,” said Tabatchnick. “It may be the beach icon that Hollywood really needs. I think the Chetrit Group has the ability and the ability to do that and it’s the right time.”

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