A retired Procter & Gamble executive who is one of the largest investors in Fayetteville developer Ben Israel's real estate projects filed three lawsuits against Israel and his companies Monday.
Tom Muccio of Springdale filed a lawsuit against Commerce Park II LLC seeking to recover $ 1. 03 million that he loaned the limited liability company Dec. 21, 2006. The 60, 000-square-foot office building developed by Israel at 2049 Joyce Blvd. in Fayetteville has been foreclosed but has not yet been sold in a foreclosure sale.
Muccio's Next Chapter Resources LLC filed a lawsuit against Dixie Development, Dixie Construction and Armac Consulting Engineers for breech of contract on lease agreements for the top two floors of the Commerce Park building.
Tuesday, September 30, 2008
Saturday, September 20, 2008
The crisis is on its way here
The financial storm befalling American markets seems from Tel Aviv to be a foreign crisis whose connection to Israel is minor compared with the drama overseas.
The diseases revealed on Wall Street stem from a financial apparatus resting on a real estate market that was inflated for years. The minute the real estate market there fell, the financial system that fed it with cheap, available cash collapsed, and the stability of enormous institutions was undermined.
The fall of old-time investment banks such as Bear Stearns, which was sold, Lehman Brothers, which went bankrupt, and Merrill Lynch, which was forced to sell itself to the Bank of America, will change the face of Wall Street and bring with it strict regulation of U.S. markets. The nationalization of the two mortgage agencies Fannie Mae and Freddie Mac is a defining moment for the U.S. government, which had sanctified the free market and now will have to deal with its decision for a good many years.
The diseases revealed on Wall Street stem from a financial apparatus resting on a real estate market that was inflated for years. The minute the real estate market there fell, the financial system that fed it with cheap, available cash collapsed, and the stability of enormous institutions was undermined.
The fall of old-time investment banks such as Bear Stearns, which was sold, Lehman Brothers, which went bankrupt, and Merrill Lynch, which was forced to sell itself to the Bank of America, will change the face of Wall Street and bring with it strict regulation of U.S. markets. The nationalization of the two mortgage agencies Fannie Mae and Freddie Mac is a defining moment for the U.S. government, which had sanctified the free market and now will have to deal with its decision for a good many years.
Wednesday, September 10, 2008
Delek Group Announces Consolidated Results for the Second Quarter and First Six Months of 2008
Mr. Asaf Bartfeld, CEO of Delek Group commented, "We continue to show steady growth despite the slowdown in the global economy. Thus far in 2008, our fuel subsidiaries both in Israel and Europe, performed well as a result of the successful fuel retail strategy we have put in place, focusing on convenience stores and capitalizing on economies of scale. In addition, our automotive holdings continued to perform well, with strong growth in sales. However, the ongoing refining margin erosion in the US as well as the weaker financial and real estate sectors, offset this strong growth. In addition, the high inflation rate in Israel negatively impacted our bottom line, by increasing our financial expenses."
Mr. Bartfeld continued, "Despite these challenges, our cash position remains very strong, standing at NIS 1.3 billion. We continue to see substantial opportunities for the Group, particularly in the areas of energy and infrastructure, and in this regard we recently raised an additional NIS 420 million. With our ability to leverage our broad experience and global presence, supported by our strong and yet diversified asset base, we believe we are well positioned to build and create long-term shareholder value. Our strong commitment to this goal, is also very much demonstrated by the recent share buy-back program we commenced, having purchased 112,000 shares for NIS 48 million since July 2008."
Mr. Bartfeld continued, "Despite these challenges, our cash position remains very strong, standing at NIS 1.3 billion. We continue to see substantial opportunities for the Group, particularly in the areas of energy and infrastructure, and in this regard we recently raised an additional NIS 420 million. With our ability to leverage our broad experience and global presence, supported by our strong and yet diversified asset base, we believe we are well positioned to build and create long-term shareholder value. Our strong commitment to this goal, is also very much demonstrated by the recent share buy-back program we commenced, having purchased 112,000 shares for NIS 48 million since July 2008."
Friday, September 05, 2008
Africa Israel Takes Partner in New York Properties
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.
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.
Tuesday, September 02, 2008
Tel Aviv's American Colony
The American Colony in Tel Aviv, established in 1866 by American settlers, has become a lucrative real-estate spot. As new projects are being built and older ones preserved, the American Colony is set to become a magnet for those who seek luxurious living and for investors interested in property that has a unique historical touch. The project leading the renewal of the American Colony is The Village.
The colony is being transformed into a unique historical environment thanks to the preservation of about 70% of the buildings on site (including the Park Hotel and the Jerusalem Hotel), which were built in the American and Templer eras. It is the highest concentrated area in Israel slated for preservation on a limited 30 dunam piece of land.
The colony is being transformed into a unique historical environment thanks to the preservation of about 70% of the buildings on site (including the Park Hotel and the Jerusalem Hotel), which were built in the American and Templer eras. It is the highest concentrated area in Israel slated for preservation on a limited 30 dunam piece of land.
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