Africa-Israel Investments Ltd. (TASE:AFIL), controlled by chairman Lev Leviev, has completed sales of condominiums in the District Building at 111 Fulton Street in Lower Manhattan. The building's 163 condos were sold for $140 million, at an average price of $10,000 per square meter.
Africa-Israel's share price rose 2.6% by mid-afternoon to NIS 32.12, giving a market cap of NIS 3.3 billion. The share price was up over 5% earlier in the day.
AFI USA acting CEO Tamir Kazaz said, "Completion of the sales in the project is another milestone in a series of business measures that AFI USA recently completed. The sales follow the momentum seen in all of the company's projects. AFI USA has chalked up a number of impressive successes at all its downtown properties, which are seeing strong demand."
District is a former eight-storey office building. Two penthouse floors were added to the building, which was converted into studio, two and three-room apartments. The penthouses have large balconies. Fulton Street has become a thriving consumer district, and the District has 2,500 square meters of retail space.
AFI USA mainly owns properties in New York, Miami, and San Francisco.
Published by Globes [online], Israel business news - www.globes-online.com - on February 7, 2011
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