Nationality United States Name Stanley Chera Religion Sephardic Judaism | Occupation real estate developer Parents Isaac Chera | |
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Known for founder of Crown Acquisitions Children Haim CheraIsaac "Ike" CheraRichard Chera Died April 11, 2020 (aged 77) New York City, U.S. | ||
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Stanley Chera (October 22, 1942 – April 11, 2020) was an American real estate developer and founder of Crown Acquisitions.
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Biography
Chera was born in 1942 to a Syrian Jewish family. In 1947, his father Isaac Chera opened a retail store called Young World in Brooklyn, New York. The family later purchased the building and grew Young World into a chain purchasing the buildings as they expanded. In the 1980s, Chera - now in charge of the family company - started purchasing real estate in New York City at first as a minority partner and later in 2000s as the lead developer. Chera is known for developing or "repositioning" the retail portion of his buildings and then selling the property.
Chera in a joint venture with The Carlyle Group and Charles Kushner sold the retail portion of 666 Fifth Avenue in two transactions for more than $1 billion; and also the retail portion of the St. Regis Hotel in a joint venture with Lloyd Goldman and Jeffrey Feil for $380 million. In 2010, he began the restoration of the The Knickerbocker Hotel in Manhattan. In 2012, The Chera purchased 49.9% interest in a four-building Fifth Avenue portfolio that includes the Olympic Tower for $1 billion from the Alexander S. Onassis Public Benefit Foundation.
In June 2013, Chera purchased 650 Madison Avenue for $1.3 billion in partnership with Highgate Holdings from the Carlyle Group. He is an investor in the One World Trade Center and has accumulated a lot of property in Red Hook, Brooklyn. Crown is also a prominent investor (along with Albert Laboz, Joseph Jemal, and Eli Gindi) in the Fulton Mall in Brooklyn. Chera has a conservative investment strategy borrowing no more than 25 to 35% of the purchase price given that they are long term holders in assets In 2009, Crown held 15 million square feet of real estate in New York City.
Personal life
Chera has three sons: Haim Chera, Isaac "Ike" Chera, and Richard Chera who are all active in the family business. Chera is a leader in the Brooklyn Sephardic Jewish community and is a founding member of the The Sephardic Community Alliance.
Death
Chera was hospitalized in March 2020. He later tested positive for COVID-19. Prior to his hospitalisation, he had relocated to his home in Deal, New Jersey. Chera entered a coma the following week and died on April 11, 2020.