Levi Leviev Sells Famous Manhattan Skyscaper
One of New York City’s most recognizable buildings has been sold by Chabad magnate Levi Leviev’s Africa Israel Investments for $165 million.
Following the sale, the company announced its $86.3 million take from the transaction would come after payment of over $68 million worth of debt on the building, and fees associated with the deal.
Africa Israel Investments bought the building for $202 million, in 2007. Following global market crashes at the end of the same year, the company became tied up in significant debt.
Located on Park Avenue and 23rd Street in Manhattan, “the clock tower building,” or “Met Life Tower,” began its rise in 1893 when it was built by Metropolitan Life Insurance Company, and was used by the company until 2005 as its headquarters.
Time to go Home
Time to make Aliya
Africa-Chelm Investments.
Buy high and sell low.
mans man
gotta hand it to this guy weathering a storm like this… real winner… youll see hell pull out of this with time and build himself up again iyh
World-s Tallest Building
Though the original building built in 1893 was only 11 stories high, the tower which was added in 1909 made it the world’s tallest building in the world 100 years ago.
l.m.
who did he sell it to?
DON-T KID YOURSELF!
Sold to another of his own companies…it’s called a trade-off. Great way to pay of debt, save your company from Bankrupcy (which would give banks crop pickings of your assets) by levereging from another of your more profitable companies. It’s still costing you – one pocket into the other – but you don’t go bust.
Good move!
B O B
It’s an awesome building… equals the Empire State in glorious rising above the heights splendour, but this building is in a more treed area, making it way more people oriented.