The deal to buy the building in Times Square in Mahattan is the largest ever by the company in New York.
Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY.PK) announced its largest ever deal in New York today. The company has bought ownership of the New York Times Building, an old and famous building in Times Square in Manhattan.
Africa-Israel, which is controlled by Lev Leviev, paid $525 million for the building.
The company says that it intends to invest $170 million in refurbishing the property, and that it will let it for offices and commercial space.
Africa-Israel said that the purchase of the New York Times Building was part of the company’s business strategy to participate in large international ventures.
The latest purchase follows the company’s purchase of half of the Apthorp building on Manhattan’s Upper West Side for $426 million in March.
Published by Globes [online], Israel business news - www.globes.co.il - on April 30, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2007