Tshuva to invest $600m in Manhattan with Silverstein
Elad and Silverstein Properties will build the Riverside residential and commercial project on the Hudson River at West 61st Street.
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.
Published by Globes [online], Israel business news - www.globes-online.com - on January 27, 2013
© Copyright of Globes Publisher Itonut (1983) Ltd. 2013
- Tel Aviv market report
- Tel Aviv Stock Exchange
- Israeli stocks in NY
- Arbitrage gaps for dual-listed stocks
- Israeli stocks in Europe
- Israeli stocks on other markets
- Tel Aviv 25 options
- Mutual funds
- Current representative shekel rates
- Historical representative shekel rates
- Bank shekel rates
- Shekel/dollar options