Chaim Schochet

Chaim Schochet (born 1987) is an American real estate executive, developer, and manager at Optima Ventures, the largest holder of real estate in Downtown Cleveland.[1]

Chaim Schochet
Born1987 (age 33–34)
EducationB.A. Rabbinical College of America
Occupationreal estate manager and development
Known forExecutive of Optima Ventures
Spouse(s)Rachel Schochet
ChildrenThree
Parent(s)Rabbi Obie and Sheva Schochet

Biography

Schochet was born to a Jewish family in Miami Beach, Florida,[1] He attended the Rabbinical College of America in Miami, New York, and Toronto where he graduated with a degree in Judaic studies in 2006.[1] After spending a year in Singapore traveling and volunteering, he returned to Florida and accepted a job at Optima Ventures, a real estate investment firm 1/3rd owned by Optima International of Miami (which was co-founded by Schochet's brother-in-law Mordechai "Motti" Korf and Uri Laber) and 2/3rd owned by the principals of the Privat Group, one of Ukraine's largest business and banking groups.[1] Optima Ventures was created to diversify Privat's investments into U.S. real estate and invests under its name as well as Optima International and Optima Fund Management with all real estate activities the responsibility of Schochet.

As investment executive of Optima Ventures, Schochet has presided over the acquisition of a number of properties in Cleveland, Ohio including One Cleveland Center (purchased for $86.3 million in 2008);[2][3] 55 Public Square (purchased for $34 million);[2] the Huntington Bank Building (purchased for $18.5 million in 2010);[4][5] and the Penton Media Building.[6] In October 2011, Optima entered its first joint venture, buying the 472-room Crowne Plaza Cleveland City Centre hotel with Sage Hospitality Resources, a hotel developer and manager based in Colorado.[7] In September 2014, Schochet and Chip Marous proposed a $231 million renovation of the Huntington Bank Building, the second largest office building in the city, into a mixed-used facility combining offices, apartments, condominiums and a boutique hotel.[8] In June 2015, Terry Coyne, a commercial real estate broker with Newmark, negotiated and coordinated the sale of the building to Andrew “Avi” Greenbaum, principal of Hudson Holdings, for $22.5 million.[9] Hudson began a $280 million renovation of the building which will feature 550 apartments, a 300-room, high-end hotel, 200,000 square feet (19,000 m2) feet of retail, a banquet hall, conference space, and a lobby open to the public.[10]

He has also made acquisitions outside of Cleveland prominently the 2008 purchase of the 1,500,000 square feet (140,000 m2) former Motorola manufacturing facility in Harvard, Illinois.[11][12] As of 2012, Optima Ventures owns more than 5 million square feet of real estate in the United States[1] and is the largest holder of real estate in Downtown Cleveland surpassing Forest City Enterprises.[1] Schochet describes himself as: "a long-term investor interested in any property that produces a healthy income."[13] In March 2015, Optima's lender for the purchase of 55 Public Square sold the remaining balance of $20 million for $7 million, a $12 million loss due to concerns about the ability to find tenants as the 424,000 square feet (39,400 m2) building has 160,000 square feet (15,000 m2)square feet of unoccupied office space.[14]

Personal life

Schochet is a practitioner of Chabad Judaism.[1][15] He is married to Rachel Schechter; they have three children and live in Miami Beach.[1][16]

References
  1. Cleveland Plain Dealer: "The most important guy you've never heard of: Chaim Schochet, 25, builds downtown Cleveland empire" By Michelle Jarboe McFee February 04, 2012
  2. Blumberg Capital Partners: "Optima International Purchases More Cleveland Property" 2008]
  3. McFee, Michelle Jarboe (May 16, 2008). "One Cleveland Center sold for $86 million". The Plain Dealer. cleveland.com - Cleveland Live LLC. Retrieved 4 December 2012.
  4. Crain's Cleveland Business: "Huntington Building in downtown Cleveland sold to Florida's Optima International" By STAN BULLARD June 23, 2010
  5. Cleveland Plain Dealer: "Optima could add Huntington Building to its downtown Cleveland portfolio" By Michelle Jarboe McFee March 29, 2010
  6. Cleveland Plain Dealer: "Optima pays $46.5 million for Penton Media building in downtown Cleveland" By Michelle Jarboe McFee August 17, 2010
  7. Cleveland Plain Dealer: "Crowne Plaza in downtown Cleveland sold; Optima, Sage plan $64 million overhaul as a Westin hotel" By Michelle Jarboe McFee October 06, 2011
  8. Crain's Cleveland Business: "Former Huntington Building would be revamped as mixed-use development in $231 million project" By STAN BULLARD September 09, 2014
  9. Crain's Cleveland Business: "Former Huntington Building to undergo $280 million transformation into mixed-use property" June 16, 2015
  10. Cleveland Jewish News: "Florida developer banking on Huntington Building rebirth" by CARLO WOLFF August 3, 2015
  11. Chicago Tribune: "Motorola campus in Harvard has a buyer - Miami-based real estate investment firm looking at plans to lease shuttered facility" By Carolyn Starks and Jeff Long August 15, 2008
  12. Daily Herald: "Miami firm buys former Motorola plant in Harvard" By Lenore T. Adkins Archived 2015-05-19 at the Wayback Machine August 14, 2008
  13. Cleveland Plain Dealer: "55 Public Square sells to buyer bullish on Cleveland" By Michelle Jarboe McFee July 10, 2008
  14. Crain's Cleveland Business: "Loan for 55 Public Square is sold for $12 million loss - Historic office building has three floors that are unoccupied" By STAN BULLARD March 22, 2015
  15. Vos Iz Neias: "Cleveland, OH - Orthodox Man Builds Ohio Real Estate Empire" February 6, 2012
  16. Col Live: "L'Chaim: Schochet - Schechter" April 20, 2010
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