Stanley Chera

Stanley Chera
Born	(1942-10-22) 22 October 1942 Brooklyn, New York City, U.S.
Died	11 April 2020(2020-04-11) (aged 77)
Occupation(s)	Entrepreneur, investor, real estate developer
Years active	1980s–2020
Known for	Founder of Crown Acquisitions

Stanley Isaac Chera (October 22, 1942 – April 11, 2020) was a prominent American billionaire entrepreneur and investor, recognized as the founder of Crown Acquisitions. Originating from a Syrian Jewish family in Brooklyn, Chera embarked on his New York City real estate ventures during the 1980s, starting as a minority stakeholder before advancing to lead developer status in the 2000s. By 2017, his wealth was valued at approximately $4 billion.

Married with three sons, Chera passed away due to complications associated with COVID-19.

Early life

Born in Brooklyn, New York City, Chera hailed from a Syrian Jewish background. In 1947, his father, Isaac Chera, established a retail outlet named Young World in Brooklyn. The family subsequently grew this enterprise into a chain by acquiring the properties housing their stores.

Career

Chera’s involvement in New York City real estate began in the 1980s as a minority partner, eventually transitioning into the primary developer role by the early 2000s. His expertise lay in developing or repositioning retail components within his properties prior to their sale.

He collaborated with The Carlyle Group and Charles Kushner in joint ventures that led to retail sales exceeding $1 billion at 666 Fifth Avenue. Additionally, he worked alongside Lloyd Goldman and Jeffrey Feil to divest the retail section of the St. Regis Hotel for $380 million. In 2010, Chera initiated the renovation of Manhattan’s Knickerbocker Hotel. By 2012, he secured a 49.9% ownership stake in a portfolio of four Fifth Avenue buildings, including Olympic Tower, acquiring them for $1 billion from the Alexander S. Onassis Public Benefit Foundation.

In June 2013, together with Highgate Holdings and Carlyle Group partners, Chera purchased 650 Madison Avenue for $1.3 billion. He also held investments in One World Trade Center and amassed substantial real estate assets in Red Hook, Brooklyn. Crown Acquisitions played a significant role as an investor in Brooklyn’s Fulton Mall alongside partners such as Albert Laboz, Joseph Jemal, and Eli Gindi.

Adopting a cautious investment approach, Chera limited borrowing to between 25% and 35% of acquisition costs, emphasizing long-term asset retention. By 2009, Crown Acquisitions managed around 15 million square feet of real estate across New York City.

Personal life

Stanley Chera and his wife Frieda—affectionately known as "Cookie"—had three sons: Isaac "Ike", Haim, and Richard; all actively involved in the family enterprise. Chera was a prominent figure within the Brooklyn Sephardic Jewish community and maintained a close association with Donald Trump, contributing to the Trump Victory Committee.

Death

In March 2020, Chera was admitted to hospital with an initially undiagnosed illness and subsequently tested positive for COVID-19. Prior to hospitalization, he had moved to his residence in Deal, New Jersey. Following his admission, he entered a coma and passed away on April 11, 2020. His wife contracted the virus as well but ultimately recovered.

During a May 2020 interview on Fox News, Donald Trump reflected on Chera’s passing as profoundly affecting:

When Trump himself later became infected with COVID-19, he reportedly questioned whether he would "go out like Stan Chera".