Out with $70M: Rotem Rosen leaves Israeli firm ASRR Capital
Alex Sapir now owns 80.5 percent stake
From TRD New York: 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 Mark 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 Surfside 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 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.