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
groundcover founders credit: Yossi Yarom Israeli observability co groundcover raises $35m

groundcover has developed a “Bring Your Own Cloud” (BYOC) observability solution, redefining the architecture of a modern observability platform.

Tel Aviv Stock Exchange credit: Shutterstock MagioreStock Foreign investment in TASE hits five-year high

Foreign investors have been flocking to the Tel Aviv Stock Exchange in recent weeks, the TASE research department tells "Globes."

Elbit Systems tank turret systems credit: Elbit Systems Elbit Systems wins $100m tank turret systems deal

The Israel defense electronics company will supply its advanced UT30 MK2 unmanned turret systems to General Dynamics European Land Systems (GDELS) to be supplied to a NATO European country.

Tomer Weingarten Photo: PR Trump targets SentinelOne exec in act of revenge

The US administration has suspended the security clearance of the company's chef intelligence and public policy officer Chris Krebs and everyone associated with him.

Tel Aviv Stock Exchange share prices rising credit: Tali Bogdanovsky TASE opens sharply higher after Trump U-turn on tariffs

The pause is being interpreted as a climb down after US President Donald Trump admitted he had made the move to calm the markets.

Ashot Ashkelon credit: Ministry of Defense Up 250%, Ashot Ashkelon wins another Defense Ministry order

The Israeli defense company's share price has risen 250% in the past three years since FIMI Opportunity Funds acquired control.

Liad Agmon credit: Eyal Izhar Insight Partners Liad Agmon steps down as managing partner

Serial entrepreneur Agmon has served as a partner at Insight Partners Israel alongside Daniel Aronovitz who set up the Israel office.

Shekels credit: Shutterstock Vladerina32 Shekel slide resumes amid escalating tariff war

The Bank of Israel is not expected to intervene in the forex market despite the sharp depreciation of the shekel.

Nir Zuk credit: Inbal Marmari Palo Alto Networks mulls buying AI security co for $700m

Sources inform "Globes" that on Palo Alto's radar is Protect AI.

President Donald Trump hosts Prime Minister Benjamin Netanyahu credit: Reuters Kevin Mohatt Israeli officials confident on US tariff concessions

Senior Israeli figures believe that concessions could be tied to progress on strategic regional political issues that are important to President Trump.

Phoenix Investment House CEO Avner Hadad  credit: Tommy Harpaz "The market has priced in all the bad things"

Phoenix Investment House CEO Avner Hadad says US markets could continue to fall, but that we are close to interesting territory for patient investors.

Tel Aviv credit: Shutterstock Tel Aviv slips in World's Wealthiest Cities ranking

Tel Aviv's position as one of the world's wealthiest cities took a big knock over the past year as it slipped from 42nd to 48th in investment advisors Henley & Co.'s "World's Wealthiest Cities" Top 50 ranking.

Leviathan platform  credit: Albatross C'ttee seen recommending no cut in gas exports

The Dayan committee on the future of the gas sector estimates that Israel's natural gas reserves will run out in 2045.

Accountant General Yali Rothenberg credit: Rafi Kutz Israel's fiscal deficit continues to narrow

The deficit narrowed in the twelve months to the end of March 2025, for the sixth consecutive month, Ministry of Finance accountant general Yali Rothenberg reported today.

Arkia credit: Arkia Arkia cuts Tel Aviv - New York April fares

Arkia has cut fares at the last minute, a time when prices usually soar even higher, according to the pricing method used in the industry.

Bank of Israel Governor Prof. Amir Yaron credit: Dani Shem Tov Knesset Spokesperson BoI Governor: US tariffs could push up inflation in Israel

Prof. Amir Yaron tells "Globes" that there is a risk that the new tariffs will cause inflation to rise in the US, with a knock-on effect for Israel.

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018