US and Israeli investors have organized a buyers group, Park River, to operate in Manhattan. The company is a joint venture of Gaia Real Estate LP, run by managing partners Danny Fishman, Amir Yerushalmi, and Ken Woolley, and two US investors, Mickey Roth and Lenny Sporn, formerly of New York real estate broker Prudential Douglas Elliman.
Park River has opened an office in Tel Aviv. It intends to expand from Manhattan to other parts of the US, and plans to open branches in several states.
Park River has already closed one deal in Manhattan, on West 58th Street, near Columbus Circle. The buyers obtained the apartments at a 20% discount on current real estate prices and 40% less than peak prices before the crisis.
The company expects to shortly close a deal on a luxury property near Wall Street. Apartment prices will be $400,000-600,000 - 30% below current real estate prices and half of peak prices. The building will have a spa, fitness room, wine cellar, luxury restaurant, business center, and room service. The property is fully tax exempt for nine years and partly tax exempt for a further five years.
Published by Globes [online], Israel business news - www.globes-online.com - on November 23, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009