New York-based blog "Curbed" quotes Prudential Douglas Elliman broker Dolly Lenz as saying that 34 units have been sold in the Apthorp Building on the Upper West Side of Manhattan since the developer met its September deadline of selling 25 condominiums in the building. The Apthorp is owned by Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY), controlled by chairman Lev Leviev.
"Curbed" added, "Lending some credence to those boasts, 28 units were just listed as 'in contract' on StreetEasy."
Listed asking prices range from $985,000 for a 38-sq.m. condo to $5.5 million for 270-sq.m. condo, and $21 million for a 496-sq.m. condo.
"Curbed" concludes that if all the 28 condos fetch their asking price, which is highly improbable with an extremely motivated seller and deep discounts being offered to existing tenants, the total sales for these condos is more than $170 million. Africa-Israel still has 130 condos left to sell in the building, which it bought for $426 million in 2007.
Published by Globes [online], Israel business news - www.globes-online.com - on October 18, 2009
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