Rosen named president of Polar USA after Africa Israel exit
July 01, 2009 04:00PM By David Jones
Rotem Rosen
Former Africa Israel USA chief executive Rotem Rosen has been named president of Polar USA/HFZ Capital, The Real Deal has learned.
Polar is a unit of Israel-based Polar-ZSG Group, a partnership formed by real estate investors Ziel Feldman, Tamir Sapir and Giron Development & Building Ltd., to buy distressed real estate.
Rosen left Lev Leviev's Africa Israel earlier this year amid increasing turmoil involving the Israeli billionaire's global real estate holdings, which include the Apthorp, the controversial condominium conversion at 390 West End Avenue, and 20 Pine Street, a condo where Africa Israel wrested control from former partner Shaya Boymelgreen.
Polar has invested in numerous real estate projects throughout the world, including Manhattan, according to investor presentations obtained by The Real Deal.
The company is the developer of Sixty Beach, a boutique condo conversion at 60 Beach Street, in Tribeca. Streeteasy.com lists five units for sale in the building, ranging from $3.5 million for a 2,569-square-foot three-bedroom unit to $6.7 million for a 3,374-square-foot penthouse.
Two other apartments are in contract, according to Streeteasy.com.
The firm has also invested in the Heritage Marina Hotel in San Francisco, a solar farm in Bridgehampton and sites in Myrtle Beach, S.C.
Polar said it had already exited Herald Towers, a 690-unit condo conversion at 50 West 34th Street, where it invested $2 million, and returned a 24 percent profit.
The company also exited 123 West 44th Street, a 110-unit residential building that it bought and refurbished for $57 million in 2005, and later sold for $82 million in January 2007.
In April, Business Week reported that Sapir, chairman of the Sapir Organization, had agreed to invest in FD Holdings Group, a firm led by Feldman, who co-founded New York-based hotel developer Property Markets Group in 1991, and is chairman and controlling shareholder in Polar.
Rosen was able to confirm his new employment, but was not immediately available to comment further.
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Comments
Anonymous
Lev Leviev has great hair.
Comment #1 Posted By: Anonymous 07/01/09
Anonymous
hello Father in law........
Comment #2 Posted By: Anonymous 07/01/09
Anonymous
how long before rotem runs polar to the ground? at least you can be sure he will be raking in the kickbacks all the way down. the over/under is at 12 months. you can also parlay alex/sapirorg + rotem/polar, pays +325. maybe when hes done destroying polar rotem can use some of that kickback money to open a club for alex to spin in.
Comment #3 Posted By: Anonymous 07/01/09
Anonymous
Whats the news? He is there for 6 months already
Comment #4 Posted By: Anonymous 07/01/09
Anonymous
My Mother said " If you can't say anything nice don't say anything at all". Wait did I just say something?
Comment #5 Posted By: Anonymous 07/01/09
Anonymous
It would be good if we could return to the Heritage of Great Jewish Builder / Developers. Sadly the crop over the last 15 years know nothing of Building and therein lies the rub. Mr. Rosen is part of that crop.
Comment #6 Posted By: Anonymous 07/01/09
Old Partner
Good Luck
Comment #7 Posted By: Old Partner 07/01/09
Anonymous
too tough with his employees.
Comment #8 Posted By: Anonymous 07/01/09
Anonymous
The whole town is looking for distressed properties,,,how distressing!!!!!!!
Comment #9 Posted By: Anonymous 07/01/09
Anonymous
Good Luck!
Comment #10 Posted By: Anonymous 07/02/09
Anonymous
Look into my eyes, you are getting sleepy, sleeeeppppyyyy
Comment #11 Posted By: Anonymous 07/02/09
Anonymous
Give the guy a break. If he started in todays market with Leviev's money, I'm sure the story would have a happy ending.
Comment #12 Posted By: Anonymous 07/02/09
Anonymous
Maybe he should take his wiz development team over to help him out. Has the clock tower even been started?
Comment #13 Posted By: Anonymous 07/02/09
Anonymous
I have a question: where was this guy before Leviev? I mean, who gets that job without a serious resume behind you....... What is the story?
Comment #14 Posted By: Anonymous 07/03/09
Anonymous
He is a real snob with money of Lev. He knows how to make a first impression however, does not deliver a thing at the end!!! You will see soon the results.
Comment #15 Posted By: Anonymous 07/08/09
Friend
Good luck.
Comment #16 Posted By: Friend 08/21/09
Anonymous
Good luck? He needs more than that. A little brain, for one...
Comment #17 Posted By: Anonymous 10/25/09
Anonymous
Rotem is an expert in overpaying for properties that eventually become distressed. He knows little about real estate and hides in lack of knowledge by being rude.
Comment #18 Posted By: Anonymous 12/22/09