The building is geared to extended stay rental apartments.
Aura Investments Ltd. (TASE:AURA) has completed the purchase of a Manhattan residential building for $18.7 million, including related expenses. The company obtained $10 million in financing from New York Community Bank at 6.5% interest a year.
Aura and a New York partner will jointly manage the building as an extended stay rental apartment property. Aura estimates that it will have to spend $3.5 million on renovations and extensions to the building, including expanding the lobby and increasing the number of apartments to 120. The company has promised to complete the renovations and has deposited $1 million with the bank for this purpose.
Aura's share price fell 0.4% today to NIS 3.03, giving a market cap of NIS 210 million.
Published by Globes [online], Israel business news - www.globes-online.com - on March 7, 2010
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