Background
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 New York
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Stanley Chera
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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 Saint 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 South. Onassis Public Benefit Foundation. They increased the rent from $1,000 per square foot to $3,000 per square foot.
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 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.
