"The New York Observer" reports that the New York City Landmarks Preservation Commission has unanimously approved a plan by Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY) subsidiary AI Holdings (USA) Corporation to put the name of a future tenant in backlit lighting on the old New York Times building at 229 West 43rd Street, between 7th and 8th Avenue.
"The New York Observer quoted the Historic Districts Council as saying that the building, which it described as a “neo-Gothic-style skyscraper,” would forever be known as “The Times Building.” The council approved the proposal because “its style, size, placement and usage are all reminiscent of the old sign."
Africa-Israel, controlled by chairman Lev Leviev, bought the building for $525 million and is renovating it for $175 million. "The New York Times" removed its sign “Times" from the building's 17th-floor parapet when it vacated the premises. Africa-Israel will place a nine meter-long and more than two meter-tall sign at the base of the clock tower of the building and will replace the tower’s 45-year old digital clock face with an analog clock. The commission suggested that Africa-Israel replace the digital clock which was "more appropriate for an upscale department store" and to take “cues from the c.1945 photo that shows a square frame, illuminated Arabic numerals, and illuminated arms.”
"The New York Times" occupied the building from 1913 to 2007, when it relocated to its new headquarters on Eighth Avenue. The old 71,000-square meter Times building is one of the few large chunks of office spaces available in midtown Manhattan. However, the real estate and financial crises could push Manhattan rents down substantially.
In late August, Africa-Israel announced that a Far Eastern fund would buy 49% of the building's rights for $49 million and take on the relative proportion of the project's financing in the amount of $711 million.
Published by Globes [online], Israel business news - www.globes-online.com - on September 25, 2008
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