The Real Deal New York

From the February issue: In July 2008, Lev Leviev’s Africa Israel Investments entered a deal with Versace to convert the landmark Clock Tower building on Madison Avenue into luxury condominiums, a project that would rival the biggest conversions in U.S. history. However, it now appears as if the only ticking clock is the time bomb ready to destroy Leviev’s far-flung empire. After investing billions of dollars in New York real estate at the top of the market, he’s now in a race to cash out before his lenders catch up to him. “Africa Israel [now called AFI Group] lost 90 percent of its value [in 2008],” said Sam Heskel, executive vice president of HMS Associates, a Brooklyn-based real estate appraisal firm. “He’s struggling. He’s trying to sell off a lot of properties.”