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

Alex Sapir now owns 80.5 percent stake

Jun.June 22, 2017 10:30 AM

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

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

From left: Mick Duchon, Eloy Carmenate, Tara West, Alex Sapir, Oren Alexander, Jay Philip Parker, Dean Bloch

Movers & Shakers: Sapir announces sales team for Surfside project, Franklin Street taps retail head & more

Arte by Antonio Citterio, Alex Sapir and Gerard Guez

Alex Sapir’s business partner buys condo unit at Sapir’s luxury Arte

2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M

Rendering of Arte by Antonio Citterio, Jay Parker and Alex Sapir (Credit: Blackhaus)

Elliman taking over sales of Alex Sapir’s Arte project in Surfside

Alex Sapir and the site at 1768 Northeast Second Court (Credit: CBRE)

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

Daily Digest Miami

Lorber dismisses recession fears, Birdman’s Miami Beach home gets another price chop: Daily digest

Daily Digest Miami

Elliman expands to Texas, Beckham’s Miami stadium plans hit a snag: Daily digest

State report finds open gas valve fueled building explosion at Plantation shopping center

State report finds open gas valve fueled building explosion at Plantation shopping center