Business Scene

Exert from the Jerusalem Post

For the past three or four years it seemed that Nochi Dankner was buying into everything - banking, real estate, tourism, food, insurance, hi-tech, communications and then some. It was as if he was trying to make his mark in the Guinness Book of Records both in terms of volume and diversity. Then came a series of exits, one of the largest being the sale last week of Azorim, one of Israel's three largest construction companies, to Shaya Boymelgreen, a North American real estate developer, banker and philanthropist.

According to media reports, the two men met in London last week and signed an agreement under which IDB Development's 64% controlling interest in Azorim would be transferred to Boymelgreen.

Best known in Israel as a senior partner in Africa Israel's North American operations, Boymelgreen, like Lev Leviev, who holds the controlling interest in Africa Israel, is a Chabad Hassid who gives generously to many Chabad projects.

Business Scene

Exert from the Jerusalem Post

For the past three or four years it seemed that Nochi Dankner was buying into everything – banking, real estate, tourism, food, insurance, hi-tech, communications and then some. It was as if he was trying to make his mark in the Guinness Book of Records both in terms of volume and diversity. Then came a series of exits, one of the largest being the sale last week of Azorim, one of Israel’s three largest construction companies, to Shaya Boymelgreen, a North American real estate developer, banker and philanthropist.

According to media reports, the two men met in London last week and signed an agreement under which IDB Development’s 64% controlling interest in Azorim would be transferred to Boymelgreen.

Best known in Israel as a senior partner in Africa Israel’s North American operations, Boymelgreen, like Lev Leviev, who holds the controlling interest in Africa Israel, is a Chabad Hassid who gives generously to many Chabad projects.

Boymelgreen and Leviev are developing prestige properties in New York and Las Vegas.

Boymelgreen is also heavily involved in transforming downtown Manhattan into a residential paradise.

In 2005, Boymelgreen, together with Meir Eichler, a prominent Judaica retailer, launched the Liberty Pointe Bank, the first Shomer Shabbat bank under Lubavitcher ownership. The bank, located in the heart of New York’s financial district, is also known as ‘Bank Leubi’, and its logo is remarkably similar to that of Bank Leumi.

Many businesses headed by Lubavitcher hassidim have moved their accounts to the bank, which prides itself on abiding by traditional Jewish values.