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. In 2017, his net worth was estimated at $4 billion.[3]
Chera had a wife and three sons. Chera died due to complications brought on by COVID-19.[4][5][6]
Chera was born on October 22, 1942, in Brooklyn, New York City, to a Syrian Jewish family.[5][7][8][9] In 1947,[2] his father Isaac Chera opened a retail store called Young World in Brooklyn.[7] The family later purchased the building and grew Young World into a chain purchasing the buildings as they expanded.[7]
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.[7] Chera was known for developing or "repositioning" the retail portion of his buildings and then selling the property.[7]
In a joint venture with The Carlyle Group and Charles Kushner, Chera sold the retail portion of 666 Fifth Avenue in two transactions for more than $1 billion;[10] and also the retail portion of the St. Regis Hotel in a joint venture with Lloyd Goldman and Jeffrey Feil for $380 million.[11] In 2010, he began the restoration of The Knickerbocker Hotel in Manhattan.[2][12] 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.[13] In June 2013, Chera purchased 650 Madison Avenue for $1.3 billion in partnership with Highgate Holdings from the Carlyle Group.[10][11] He was an investor in the One World Trade Center[2] and accumulated significant property in Red Hook, Brooklyn.[2] Crown was also a prominent investor (along with Albert Laboz, Joseph Jemal, and Eli Gindi) in the Fulton Mall in Brooklyn.[14] 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.[7] In 2009, Crown held 15000000 ft2 real estate in New York City.[15]
Chera and his wife Frieda, nicknamed "Cookie",[16] had three sons: Isaac "Ike", Haim, and Richard, all active in the family business.[7][17] Chera was a leader in the Brooklyn Sephardic Jewish community. Chera was an associate and friend of Donald Trump, and donated to the Trump Victory Committee.[18][19]
Chera was hospitalized for an unknown illness in March 2020[20] and later tested positive for COVID-19. Prior to his hospitalization, he had relocated to his home in Deal, New Jersey.[21] Chera entered a coma the following week[22] and died on April 11, 2020.[23] His wife also contracted the virus, but recovered.[16]
Donald Trump, in a May 2020 Fox News interview,[24] 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-19 himself, he was reported to have asked if he was "going out like Stan Chera".[25]
