The "New York Post" reported last week that a 763-square-foot one-bedroom penthouse in the historic Upper West Side Apthorp building was sold for $228,900, 88% less than the asking price of $2,025,765 million. The property had been on the market for 13 months. The paper said that the sale was only the latest in a string of very discounted sales at The Apthorp, which found itself in the midst of a condominium conversion when the real-estate market crashed.
Africa-Israel Investments Ltd. (TASE:AFIL), controlled by chairman Lev Leviev, owns the Apthorp.
The "New York Post" quotes a source as describing the 12th-floor condo as "unrenovated" but "livable." The source added that buyer is an investor.
Two sales in July included a 405-square-foot penthouse, which sold for just $123,717, an 86% discount on the asking price of $895,000; and a 964-square-foot penthouse sold for $417,177, an 84% from the asking price of $2,559,420.
Published by Globes [online], Israel business news - www.globes-online.com - on November 14, 2010
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