ASRR to buy out partner in Surfside condo project

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

TRD MIAMI /
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.


Related Articles

arrow_forward_ios
Antonio Sersale and Nadim Ashi, with Le Sirenuse at the Surf Club (Credit: Google Maps and Jacopo Raule/Getty Images)

Arrivederci: Le Sirenuse at The Surf Club shutters permanently due to coronavirus

Arrivederci: Le Sirenuse at The Surf Club shutters permanently due to coronavirus
Four Seasons Residences at The Surf Club with Tommy and Thalía Mottola (Credit: Craig Barritt/Getty Images)

Thalía and Tommy Mottola pay $8M for Surf Club Four Seasons condo

Thalía and Tommy Mottola pay $8M for Surf Club Four Seasons condo
Alex Sapir, Arte in Surfside

Alex Sapir gets lender approval to rent out units at Surfside condo project

Alex Sapir gets lender approval to rent out units at Surfside condo project
Alex Sapir, Amir Richulsky, Gerard Guez and a rendering of Arte by Antonio Citterio

Alex Sapir’s business partner gets extension for Surfside condo, company names new CEO

Alex Sapir’s business partner gets extension for Surfside condo, company names new CEO
Gables Town Colony apartment complex, Sue Ansel of Gables Residential

Gables Residential scores $85M loan for Boca Raton apartment complex

Gables Residential scores $85M loan for Boca Raton apartment complex
Fendi Chateau, Gary Rosenbach (Credit: Shawn Ehlers/WireImage/Getty Images)

Hedge funder pays $7M for Fendi Chateau condo in Surfside

Hedge funder pays $7M for Fendi Chateau condo in Surfside
Mandarin Oriental in Miami, Four Seasons at The Surf Club

Mandarin Oriental, Four Seasons at The Surf Club furlough 850 people

Mandarin Oriental, Four Seasons at The Surf Club furlough 850 people
Four Seasons Residences at The Surf Club

Kitchen supply company founder sells Surf Club condo for $5.5M

Kitchen supply company founder sells Surf Club condo for $5.5M
arrow_forward_ios

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

Loading...