Africa Israel

Israeli banks are growing increasingly fearful that Lev Leviev's Africa-Israel--owner of the old New York Times building and other New York City trophies--will be unable to repay the more the $4 billion (or 14 billion shekels) he's taken in short- and long-term loans, according to an article in today's Haaretz:

"Lev Leviev's Africa Israel Investments owes Israel's banks more than NIS 14 billion in long-term and short-term liabilities, and the bankers are evidently growing nervous about the huge amount. Within days the two biggest lenders, Hapoalim and Leumi, are expected to receive rights to yet more shares in the Africa Israel parent company to secure the debts."

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Africa Israel Investments LTD has said that it will sell a nearly 50 percent stake in its Manhattan towers to an investment fund based in the Far East, according to Bloomberg.com:

"Africa is selling 49.9 percent of its holding in the Clock Tower and 49 percent of the Times Building properties in midtown Manhattan, as well as its entire stake in the 23 Wall Street/15 Broad Street property downtown, the Yehud, Israel-based company said today in a statement.

The buyer, identified as an investment fund from the Far East, will pay $200 million for the properties.

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The Plaza and 15 Central Park West better watch out, because a new ultra-luxe condo is coming to town and its developers are already claiming they will have the edge with an emergent, but increasingly lucrative, segment of the residential market: the Russians.

Earlier this week, Lev Leviev's Africa Israel Investments announced that it had contracted Versace to spearhead the interior redesign of the Clock Tower Building and convert the former MetLife headquarters at 5 Madison Avenue into a 55-unit condo.

Versace, of course, ranks high on the list of residential amenities, but we couldn’t help but feel a brief pang of déjà vu.  read more »