Africa Israel to sell 88 Leonard in $222M deal

TRD New York /
Jun.June 23, 2011 08:37 AM

Africa Israel has agreed to sell Tribeca’s 88 Leonard Street, built in 2007, to an anonymous buyer, in a deal that values the 352-unit tower at $222 million, Bloomberg News reported. The building went into contract this week, U.S. CEO Tamir Kazaz said.

“It’s a good deal for us and a good deal for the buyer,” he said. “The buyers are sophisticated real estate investors with tremendous experience in management of rental apartments, which I trust will continue to increase the value of this asset.”

Africa Israel will sell a 49 percent stake in the property for $37 million within 60 days and then its remaining share for $17 million after 6 months. The buyer will also take on a $24 million mezzanine loan on the building and assume a $132 million senior mortgage.

Africa Israel has been restructuring and refinancing more than $1.5 billion in debt from its pre-crisis acquisitions. This sale lessens its burden by $156 million, according to the filing. “After this transaction, our debt will be $250 million on our books,” Kazaz said.

As previously reported in February, Africa Israel had been hoping to get $200 million for the property which contains 11,365 square feet of retail space and sits above a 249-space parking garage. It was marketed by the Cushman & Wakefield capital markets group of Helen Hwang, Nat Rockett, Karen Wiedenmann and Steven Kohn. [Bloomberg News]


Related Articles

arrow_forward_ios
Lev Leviev

Leviev wins $209M judgment in corporate split

Africa Israel’s Lev Leviev wins $100M-plus judgment in corporate divorce: report

Africa Israel’s Lev Leviev wins $100M-plus judgment in corporate divorce: report

JSR Capital’s Jona Rechnitz: a mid-level investor with major league political connections

JSR Capital’s Jona Rechnitz: a mid-level investor with major league political connections

HAP, contractors spar over bills for two Upper Manhattan resi projects

HAP, contractors spar over bills for two Upper Manhattan resi projects

Africa Israel reaches settlements with AG, condo residents

Africa Israel reaches settlements with AG, condo residents

Africa Israel’s Sofiev-Leviev sues to liquidate diamond firm

Africa Israel’s Sofiev-Leviev sues to liquidate diamond firm

Judge tells Boymelgreen to hand over 15 Broad Street records

Judge tells Boymelgreen to hand over 15 Broad Street records

Africa Israel appeals ban on its condo sales

Africa Israel appeals ban on its condo sales

arrow_forward_ios
Loading...