ASRR to buy out partner in Surfside condo project

ASRR will buy Eyal Ben-Yosef’s 12.5% stake for $6M

Aug.August 21, 2017 06:00 PM

Renderings of Arte by Antonio Citterio and Alex Sapir

Alex Sapir’s ASRR Capital is in advanced talks to buy out its partner in a Surfside condominium project, according to documents filed on the Tel Aviv Stock Exchange.

Sapir will pay $6.1 million for Eyal Ben-Yosef’s 12.5 percent stake in the project, called Arte by Antonio Citterio, marking the latest move in an eventful year for ASRR.

The publicly traded company originally partnered with Istanbul-based Suzer Group on the Surfside project. In March, Ben-Yosef bought Suzer’s stake in two ASRR developments, Arte and a planned condo conversion at 218 Madison Avenue in Manhattan.

In June, the company first announced it would be partnering with Ben-Yosef and a third partner on another Surfside development, at 8800 Collins Avenue, but the sale did not go through.

Also in June, Rotem Rosen, Sapir’s former partner, left ASRR, and Sapir’s stake grew to 80.5 percent. Sapir then attempted to gain control of the remaining 19 percent of the company through a stock buyout, but the attempt failed.

In March, ASRR secured $90 million in financing for Arte. The developer has spent $60 million on the project through June 30, according to the company’s financial report released Monday.

Previous plans for Arte call for 16 condo units, sized at 5,500 square feet and up.

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