Africa Israel to post loss

March 10, 2009 01:04PM

Africa Israel Investments, owned by Lev Leviev, will post a fourth-quarter loss of about $640 million after the value of one of its major properties, the former New York Times building at 229 West 43rd Street, dropped by $380 million, the Jerusalem Post reported. The company will also take write-downs on other properties around the world, but the changing exchange rate will probably offset some of the losses, the company said in a statement. Africa Israel, based in Israel, has been trying to sell some of its assets to repay bonds. In Manhattan, the company also the owns the troubled Apthorp condominium.

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