Africa-Israel Investments Ltd. has bought 50% of the historic Apthorp building on Broadway on New York’s Upper West Side at a value of $426 million, plus $30 million in related costs. The Apthorp building has 163 apartments, of which 100 are rent-controlled, plus lots of fully leased commercial space, and underground parking. (Globes)
Menu
Join the official YWN WhatsApp status
8 Responses
Sounds like a terrible deal to me. Only 63 apartments on which they set the rent, some offices and parking for 450 mil? With that cost basis, there’s no way they can make money running the building; they’re probably looking to flip it.
Wait, is the $450 mil. for the whole building or only their 50%?
What a shod auf yiddishe gelt….. LOL
Sold from one Lubavitcher to another!
If I am not mistaken, the building was sold by Boymolgreen.
Nothing wrong with that, lets keep the $ within the frum community.
hi
it is good to know that this company that is owned by a frum
jew(mr lev levayev) is successful
many charities benefit from his generosity
I would think twice now about using elevators in this building…
squeak, why do you say it is a shod? Did you study the deal and determine that it was not good?
What if they double their money in a year, would that be a shod as well?
suss – I was only saying that in good humor. What I meant was that in the spirit of previous threads telling people what to do with their money, I anticipated a barrage of posts saying that they should give the money to yeshivos instead and imagine what a yeshiva can do with $450 Million!
I didn’t even know that both parties are frum – it was not meant seriously.
I hear you, squeak.
let’s give them a brochah to see huge prifts to be able to give 450 mill to the yeshivos …..