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

Alex Sapir now owns 80.5 percent stake

Miami /
Jun.June 22, 2017 10:30 AM

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.


Related Articles

arrow_forward_ios
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
Moishe Mana and the downtown parking lot he purchased (Google Maps, Getty)
Moishe Mana expands downtown Miami assemblage with $12M purchase
Moishe Mana expands downtown Miami assemblage with $12M purchase
Emilio Bassini and Reina Marin Bassini with Arte Surfside. (Getty, Arte)
Hedge funder buys oceanfront condo at Arte in Surfside for $13M
Hedge funder buys oceanfront condo at Arte in Surfside for $13M
(Photos courtesy of Miami Historic Preservation, Smith Aerials, Colliers)
Development site near MiamiCentral hits the market
Development site near MiamiCentral hits the market
Alliance Residential Company CEO Bruce Ward and 6595 Morikami Park Road (Google Maps)
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Arbor Management Acquisition Company heads Ivan Kaufman and Maurice Kaufman with a rendering of Aventura Park (Anillo Toledo Lopez, iStock)
Arbor Management buys multifamily dev site near Aventura for $10M
Arbor Management buys multifamily dev site near Aventura for $10M
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
Miami-Dade condo sales map and Arte by Antonio Citterio (Google Maps)
Miami condo sales drop in early April
Miami condo sales drop in early April
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...