The Real Deal Miami

Leviev blames Florida, New York buys for debt woes

December 18, 2009 10:53AM

Billionaire developer Lev Leviev, whose Africa Israel real estate portfolio includes premier Miami properties, as well as the former headquarters of the New York Times in New York City, wants to restructure $2 billion worth of debt. The reason: his investments in the United States were a mistake, he said in Tel Aviv. He’s now in a frantic effort to reach a restructuring agreement with creditors and the Israeli government, which is concerned because Africa-Israel bonds make up 0.6 percent of pension savings managed by Israeli financial institutions. [Bloomberg via Miami Herald]