Yitzhak Tshuva is again storming Manhattan, after selling his interest in the Plaza Hotel. His private real estate arm Elad Properties has signed an agreement to buy a midtown lot for $170 million on which he and Larry Silverstein will build a $600 million project within three years.
The US media reported on Friday that Elad and Silverstein Properties will build the 913,000-square meter 45-story, 662-apartment Riverside residential and commercial project on the banks of the Hudson River at West 61st Street. Sales proceeds are expected to be substantial, given the high demand in the area. Elad and Silverstein Properties will each provide $50 million in equity to buy the land, and will take loans for the rest of the purchase and for construction.
Larry Silverstein is one of the biggest real estate developers in the US, and the former owner of the World Trade Center. He is now redeveloping Ground Zero with six skyscrapers to replace the twin towers destroyed on September 11, 2001.
Elad Properties has substantial cash reserves from the sale of properties in the US and Canada, as well as a $100 million loan taken by subsidiary Elad Group Canada Inc. It is now seeking to exploit the current building boom in Manhattan.
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