Africa-Israel To Sell NY Building For $222M

Africa-Israel Investments, a subsidiary AFI USA, is selling a residential and commercial building in Downtown Manhattan for $222 million.

Africa-Israel Investments, a subsidiary AFI USA, is selling a residential and commercial building in Downtown Manhattan for $222 million, Bloomberg reports. Anunnamed buyer will also pay off a $24 million mezzanine loan on the building and assume a $132 million senior mortgage.

Africa Israel, controlled by Chairman Lev Leviev, will offload a 49% stake in the property for $37 million and will sell the remaining share for about $17 million six months later. The sale will reduce the real estate company’s consolidated debt in its balance sheet by $156 million.

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