Stanley Chera

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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.

Chera had a wife and three sons. Chera died due to complications brought on by COVID-19.[3][4]

Early life

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]

Career

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 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.

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]

Personal life

Chera and his wife Frieda, nicknamed "Cookie",

Sephardic Jewish community. Chera was an associate and friend of Donald Trump, and donated to the Trump Victory Committee.[16][17]

Death

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]

References

  1. 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. ^ "Crown Acquisitions Founder Stanley Chera Dies of Coronavirus". The Real Deal New York. April 11, 2020. Retrieved July 6, 2020.
  4. ^
    ISSN 0362-4331
    . Retrieved July 6, 2020.
  5. ^ 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.
  6. The Wayback Machine
    .
  7. ^ "Crown Acquisitions Founder Stanley Chera Dies of Coronavirus". The Real Deal New York. April 11, 2020. Retrieved April 12, 2020.
  8. ^ 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
  9. ^ 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
  10. ^ The Real Deal: "Stanley Chera dishes on the Knickerbocker" June 28, 2010
  11. ^ The Real Deal: "Crown takes stake in $1B Fifth Avenue portfolio" Archived June 26, 2015, at the Wayback Machine May 14, 2012
  12. ^ 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
  13. ^ New York Observer: "Big-Time Fight Over St. Regis Retail; Chera Cries 'Conspiracy' in Lawsuit" By Dana Rubinstein November 10, 2009
  14. ^ 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.
  15. ^ Commercial Observer: "Cartier! Versace! Vuitton! Financing Next Gen at Crown's Ritzy Retail Focus" by Alessia Pirolo May 29, 2013
  16. ^ RASKIN, SALLY GOLDENBERG with SAM. "Trump's real estate buds". Politico PRO. Archived from the original on April 12, 2020. Retrieved April 12, 2020.
  17. ISSN 0362-4331
    . Retrieved April 12, 2020.
  18. ^ Weiss, Lois (March 24, 2020). "Developer and Trump pal Stanley Chera hospitalized". New York Post. Retrieved April 11, 2020.
  19. ^ "Stanley Chera in coma with Covid-19". The Real Deal. April 1, 2020. Retrieved April 11, 2020.
  20. ^ "Stanley Chera In Coma With COVID-19 - The Real Deal". The Real Deal New York. April 1, 2020.
  21. ^ "Stanley Chera, titan of NYC retail, dies of coronavirus". The Real Deal. April 11, 2020. Retrieved April 11, 2020.
  22. ^ Staff (May 3, 2020). "Donald Trump Virtual Town Hall Transcript". Rev.com. Retrieved May 4, 2020.
  23. ^ "Donald Trump repeatedly asked "am I going to die?" after coronavirus diagnosis". Daily Mirror. October 3, 2020.
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