Billionaire Lev Leviev's Africa Israel Investments is blaming some of its current financial woes on its acquisition of the old New York Times building on West 43rd Street, which it reports has plummeted $380 million in value. Leviev purchased the building in 2007 for a ridonculous $525 million (Tishman Speyer had paid $175M for it in 2004), then started a pricey renovation to attract new commercial tenants. The company had reportedly sold a 50% stake in the project, but the Jerusalem Post?which accidentally runs a photo of the new Times Tower?says that's still in negotiations. [JPost]
Filed under:
Loading comments...