Africa Israel eyes FiDi condo conversion

TRD New York /
Feb.February 18, 2011 09:05 AM

Africa Israel USA is “actively looking at new opportunities” for residential conversion projects in New York City, new CEO Tamir Kazaz told the New York Times. Kazaz, who stepped up to the company’s helm after Richard Marin resigned suddenly late last year, was relatively tight-lipped when it came to his predecessor, but characterized the split as the company’s decision. (Sources had told the Wall Street Journal at the time of Marin’s departure that it was unexpected and came amid disagreements with senior management). Now, with a third of the debt it had two years ago, Lev Leviev’s development company is moving forward and eyeing a Financial District office building for a condominium conversion, Kazaz said. As for AFI USA’s ongoing controversies, Kazaz dismissed the Bowlmor Lanes lawsuit at the former New York Times building saying that it is “with no merit; it’s the tenant trying to get some concession from us.” At the Apthorp, Kazaz said 32 unit have closed since the company restructured its debt in July and that he believes the Feil Organization is addressing tenants’ complaints about problems with the ongoing construction. [NYT]


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