After admitting that real estate investments in the US were his greatest mistake, and after months of exhausting negotiations on a bond settlement for Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY), which is still waiting for its final approval, Lev Leviev is again investing in the US. The "Las Vegas Sun" reports that Leviev and Shaya Boymelgreen have jointly bought land on the Las Vegas Strip, together with a US developer, through a joint venture called Metroflag Management LLC.
The "Las Vegas Sun" says that Metroflag is a joint venture between Brett Torino, New York developer Flag Luxury Property LLC, and Leviev and Boymelgreen's joint venture Leviev Boymelgreen LLC. The company purchased a 2.15-acre (8,000-square meter) on the east side of the Strip for $25 million. Metroflag was deemed the only qualified bidder in a Clark County auction.
"The US was my biggest mistake," said Leviev at a press conference on August 30, 2009, when Africa-Israel announced that it would seek a settlement on its NIS 7.4 billion debt.
Metroflag is a commercial property developer headquartered in New York. The company has subsidiaries that developed the Harley-Davidson Cafe, the Hawaiian Marketplace and the Smith & Wollensky steak restaurant.
Published by Globes [online], Israel business news - www.globes-online.com - on February 4, 2010
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