Acro Group has completed the acquisition of the Setai Wall Street residential and office building for $80 million. The 33-floor building has 153 condominiums, priced at up to $5 million, and a spa.
The building was acquired through a tender issued by a US financial institution after the global financial crisis due to the owner's debt of $160 million. Acro said that because of the state of the market and eagerness to cut a quick deal, the property's price was cut to $80 million.
The Setai is located at 40 Broad Street, at the corner of Wall Street. The building contains 14,000 square meters of space with apartments ranging in size from 75-200 square meters. Apartments cost between $500,000-900,000.
Published by Globes, Israel business news - www.globes-online.com - on April 5, 2011
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