Tshuva's Elad Group buys Manhattan building for $72m

Park Lane Building inset Yitzhak Tshuva credit: loopnet.com and Tamar Matsafi
Park Lane Building inset Yitzhak Tshuva credit: loopnet.com and Tamar Matsafi

The company will convert the office building on Park Avenue into luxury residential condos, "The Real Deal" reports.

Yitzhak Tshuva plans to convert an office building in Midtown Manhattan to residential condos. Tshuva's privately owned real estate arm in the US Elad Group has bought an office building that includes a WeWork co-working office space, which is undergoing bankruptcy proceedings, according to reports in New York. Elad Group paid $72 million for the building, "The Real Deal" reports.

The 20-floor building is at 419 Park Avenue and has 200,000 square feet (18,600 square meters) of space. The report says that Tshuva plans to convert the office space to 100 luxury residential condos.

The project, according to Elad COO Alex Olsen, is due to be completed in 2026. The building is in the NoMad neighborhood, north of Madison Square and near the Empire State Building.

Manhattan's office market has been weak over the past two years due to the rise in interest rates to 5.5%, the highest in more than a decade as well as the Covid pandemic, which led to remote work and hit demand for office space.

This is not the Elad Group's first experience with condo conversions. In 2004 the company bought the Plaza Hotel in Manhattan for $675 million and converted it into 180 luxury apartments, which it sold four years later for $1.5 billion at a profit of $500 million.

Tshuva is the controlling shareholder (50%) in Israeli energy exploration and production company Delek Group Ltd. (TASE:DLEKG), which has a market cap of NIS 7.6 billion, after the share price has fallen 15% over the past year.

Published by Globes, Israel business news - en.globes.co.il - on August 26, 2024.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2024.

Park Lane Building inset Yitzhak Tshuva credit: loopnet.com and Tamar Matsafi
Park Lane Building inset Yitzhak Tshuva credit: loopnet.com and Tamar Matsafi
Emiliano Calemzuk  credit: PR CEO and "investor group" buying out Reshet 13

CEO Emiliano Calemzuk and the other investors will hold 74% of the television channel, while Len Blavatnik’s Access Industries and WBD will remain with 26%.

Inflation  credit: Tali Bogdanovsky Unexpectedly low February CPI reading cuts inflation

While inflation in Israel in the 12 months to the end of February 2025 is lower than forecast, housing prices continue to rise.

Yitzhak Tshuva credit: Gidon Levy and Tali Bogdanovsky Competition Authority allows Delek takeover of Isracard

The Competition Authority is considered the easier of the two regulatory hurdles that the deal must overcome, the other being the Supervisor of Banks.

David Amsalem  credit  Noam Moskowitz, Knesset Spokesperson's Office Rafael to pay state NIS 444m dividend

The minister in charge of the Government Companies Authority, David Amsalem, has approved the payment by the defense company.

Barak MX air defense system  credit: IAI IAI profit jumps 55%

Israel Aerospace Industries posted a net profit of $493 million for 2024, and ended the year with an all-time high orders backlog of $25 billion.

A TSG system in tactical use  credit: PR TSG signs cooperation agreement with US defense co

The agreement includes the integration of TSG's advanced technologies into sensor-based defense systems, which will be integrated into the operational systems of US defense units.

Bria CEO Yair Adato credit: Kseniia Poliak Israeli visual generative AI co Bria raises $40m

Bria’s Visual Generative AI platform empowers businesses to create predictable, controllable, and on-brand content that aligns with their visual language.

Amnon Shashua and Aviram Ziv credit: Eyal Izhar OrCam stymied by investor dispute with Shashua

Demands by institutional investors are blocking the visual and hearing impairment device developer's recovery plan.

Work on the Green Line credit: Bar Lavi Egged wins tender to operate TA light rail Purple, Green Lines

NTA awarded the tender to Egged, which already operates the Red Line, despite government ministry opposition to one operator for the entire network.

Gabi Seroussi illustration: Gil Gibli Board chooses Seroussi as IAI chair as Erdan freezes candidacy

Israel Aerospace Industries board chose Gabi Seroussi as chair even though he did not to go through the preliminary process of the Government Companies Authority appointments review committee.

Bavli Park penthouse credit: Eyal Tagar Tel Aviv Park Bavli penthouse sells for NIS 43m

A 44th floor penthouse in one of the two towers in businessman Yitzhak Tshuva's Park Bavli project has been bought by an Israeli businessperson.

El Al aircraft  credit: Yoav Yaari El Al pilots receive nearly NIS 250,000 bonus each

Thanks to the agreements signed with the unions in 2018, El Al's employees as well as senior management share in last year's success.

Pentera CEO Amitai Ratzon credit: Eyal Izhar Israeli security validation co Pentera raises $60m

Pentera's platform enables security teams to analyze complete attack paths, identify root causes, and prioritize remediation for effective risk reduction.

Tel Aviv credit: Shutterstock Supply of unsold new homes hits record

Israel's real estate market is sliding into recession with 78,000 unsold new apartments in January, the Central Bureau of Statistics reports.

D&B chairman Doron Cohen and Meitar partner Dan Geva Meitar reclaims title of Israel's biggest law firm

Meitar has first place with 537 lawyers, followed by Herzog Fox Neeman with 512 lawyers, according to the latest Dun's 100 rankings.

First International Bank of Israel CEO Eli Cohen  credit: Eyal Toueg First Int'l posts top return on equity

First International Bank of Israel's return on equity in 2024 was 19%, the highest among Israel's banks.

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018