The Closing: Landlord Maurice Mann opens up about the Apthorp

From the November issue: Maurice Mann founded Mann Realty Associates, a property management and residential development company, in 1980. The company employs about 20 individuals and owns and operates 13 Manhattan apartment buildings worth about $250 million. Mann is probably best known for partnering with Lev Leviev’s Africa Israel USA to buy the Apthorp in 2006 for the record-breaking price of $426 million. The two firms planned to convert the storied Upper West Side rental complex to condos, but their business relationship soured. Under pressure from Africa Israel, Mann reluctantly agreed to step down as managing partner. He said he and his partners still own a 50 percent interest in the project, although it is loaded with debt, and the lenders are the official sponsors. [more]