Fishman Holdings real estate unit Darban Investments Ltd. (TASE: DRBN) has bought another property in Manhattan. The company bought a residential building under construction on Franklin Street in Tribeca for $21 million. The 18-storey building will have 84 apartments.
Darban estimates that it will have to invest an additional $50 million to complete the planning and construction of the building. In a separate deal, Darban signed a letter of intent with a third party to set up a joint venture for the property.
Darban CEO Yigal Lavie said, "Despite the crisis, we see great potential in Manhattan. New York is a city that is keeping its status as one of the great cities of the world. That's why we’re focusing on deals at good prices with strong betterment potential. We're examining other deals in New York, and we will continue to do so."
In September, Darban bought a 16,000-square meter 12-storey office building in Manhattan for $44.5 million.
Eliezer Fishman is the controlling shareholder in “Globes”.
Published by Globes [online], Israel business news - www.globes-online.com - on November 25, 2010
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