Isaac & Eli Chetrit

Isaac and Eli Chetrit have bought out Highgate’s share in the Stewart Hotel, aiming to transform it into 625 residential units. Originally purchased for $217.5 million in 2016, with a loan from Blackstone, the hotel was closed in 2022. Now, plans to convert it into apartments are set to proceed after the buyout. The move follows an agreement with the city for the hotel’s temporary use as a migrant shelter. The property’s conversion to residential units aligns with existing zoning regulations, eliminating the need for rezoning.