Africa Israel taps owner’s daughter to head troubled U.S. arm

From left: Chagit Sofiev-Leviev (credit: Africa Israel), 229 West 43rd Street and Lev Leviev
From left: Chagit Sofiev-Leviev (credit: Africa Israel), 229 West 43rd Street and Lev Leviev

The daughter of billionaire Lev Leviev is heading up the troubled U.S. operations of Africa Israel, her father’s real estate investment firm.

Chagit Sofiev-Leviev, a former chief financial officer at the Memorand Group, will replace Tamir Kazaz as CEO, the company announced yesterday.

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Africa Israel, based in Yahud, Israel, took a severe hit in the U.S. during the recession. It paid $525 million for the former New York Times headquarters at 229 West 43rd Street in 2007, then sold the 750,000-square-foot office space for $160 million. The 250,000-square-foot basestill belongs to Africa Israel. Sofiev-Leviev already is negotiating new leases for remaining retail space there, Crain’s reported, citing a news release.

Also, in 2007, Africa Israel acquired the Clock Tower at One Madison Avenue for $200 million, aiming for a hotel conversion. It then sold it at a loss in 2011 – for $165 million. [Crain’s]Mark Maurer