Africa Israel Investments Ltd., the real-estate company controlled by diamond billionaire Lev Leviev, will sell about half its holdings in two New York City landmarks it bought last year to help finance development of the properties.
Africa is selling 49.9 percent of its holding in the Clock Tower and 49 percent of the Times Building properties in midtown Manhattan, as well as its entire stake in the 23 Wall Street/15 Broad Street property downtown, the Yehud, Israel-based company said today in a statement.
The buyer, identified as an investment fund from the Far East, will pay $200 million for the properties. It also will invest $150 million directly into the Clock Tower project and take on a share of the $711 million in costs associated with development of the Times property, Africa said.
``The company is getting a lot of cash that will enable it to finance the major projects in New York while also taking some debt off its balance sheet,'' Yuval Ben-Zeev, head of research at Clal Finance Brokerage Ltd. said by telephone.
