Out with $70M: Rotem Rosen leaves Israeli firm ASRR Capital

Alex Sapir now owns 80.5 percent stake

TRD New York /
Jun.June 22, 2017 08:47 AM

From left: Rotem Rosen, Zina Sapir and Alex Sapir (Credit: Jason Binn/WireImage)

ASRR Capital’s Alex Sapir is buying out his partner Rotem Rosen for $70 million.

Rosen is leaving his position as director of ASRR, a publicly traded Israeli real estate company, according to filings on the Tel Aviv Stock Exchange. His departure leaves Sapir with an 80.5 percent share of the company.

According to news site Maariv, Rosen was represented by the law firm of Marc Kasowitz, President Trump’s attorney.

Under the deal, Rosen will still control several sites with Sapir through different private companies. This includes a hotel project in Florida and a townhouse on Madison Avenue. In March Rosen and Sapir, who also run the Sapir Organization together, paid their partner, the Suzer Group, $10.1 million for the Turkish conglomerate’s 50 percent stake in 218 Madison Avenue. The partners purchased the townhouse for $18.5 million in 2015 and plan to build a luxury residential building on the site.

In 2015, the company also teamed up with Suzer to purchase a development site in Surfside, Florida, for $40 million. In March, ASRR bought out Suzer for $30 million and secured a $90 million construction loan to build luxury condos, to be called Arte by Antonio Citterio, on the site.

Rosen could not immediately be reached for comment. Rosen is married to Zina Sapir, daughter of the late Tamir Sapir, founder of the Sapir Organization.

Related Articles

From left: Rotem Rosen, Zina Sapir, Tamir Sapir, Bella Sapir, Elena Sapir, and Alex Sapir (Credit: Getty Images)

Alex Sapir accused of mismanaging family fortune amid feud with Rotem Rosen

Sapir Corp. posts $7M loss in first quarter
of 2019

Alex Sapir borrows from father’s estate to pay off Israeli bonds

Alex Sapir’s massive Opportunity Zone site in Miami hits the market

An example of roll-off waste management (Credit: YouTube, iStock)

Big building owners prevent city from dumping container-pickup in trash-collection reform

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

Council member Vanessa Gibson (Credit: New York City Council)

Commercial landlords face new fines as City Council passes anti-harassment bill

As House begins impeachment inquiry, here’s what we know about Trump’s Ukraine-real estate ties