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CEO of ASRR sells all his shares in the company

He’s not the first to divest from the Alex Sapir-led company
By Chava Gourarie | August 28, 2017 03:45PM

Another top executive has opted to divest from Alex Sapir’s ASRR (Photo Illustration by Lexi Pilgrim)

Danny Avidan, CEO of ASRR Capital, an Israeli company with holdings in New York and South Florida, has sold off his shares in the company to the principal, Alex Sapir, according to documents filed on the Tel Aviv Stock Exchange.

Avidan, who will continue as CEO, held less than 1 percent of the company’s shares. CEOs often sell stock, but rarely divest of all of their shares.

And he’s not the first to divest from ASRR in recent months, including Sapir’s partner, Rotem Rosen, who departed the company in June with a $70 million paycheck, putting 80.5 percent of the company in Sapir’s hands.

Several development partners have also exited ASRR projects. In February, the Suzer Group sold its stakes in two projects, a condominium development at 218 Madison Avenue and Arte by Antonio Citterio, a waterfront boutique condo project in Surfside. Israeli investor Eyal Ben-Yosef partnered with Sapir to replace them.

Then earlier this month, ASRR reported that Ben-Yosef wanted out as well, and is in negotiations with Sapir to sell his stake in the Surfside project.

A second Surfside project, which would have included both Ben-Yosef and Tzachi Hagag of the Hagag Group, fell through in June, shortly after Rosen’s departure was finalized.

Finally, at least one of several Chinese companies that partnered with ASRR on a project in downtown Miami, the Beijing-based CNMB International, is also looking to exit. In addition to the three development sites mentioned, ASRR owns the NoMo hotel at 9 Crosby Street in Soho. Both Sapir and Rosen are principals at the Sapir Organization, founded by the late Tamir Sapir, Alex’s father and Rosen’s father-in-law.

ASRR’s stock price fell by 1 percent in response to the news.