Bruce Ratner bought the properties as part of his planned Atlantic Yards sports and residential complex.
Lev Leviev, the controlling shareholder of Africa-Israel Investments (TASE: AFIL), and his real estate partner in the US, Shaya Boymelgreen, have sold two properties in northern Brooklyn for $44 million. Leviev and Boymelgreen bought the properties in August 2004 for $20 million, and planned to turn them into a hotel.
Bruce Ratner bought the properties as part of his planned $2.5 billion Atlantic Yards sports and residential complex.
Ratner plans to build an arena for the New Jersey Nets basketball team, which he owns.
Published by Globes [online], Israel business news - www.globes.co.il - on April 3, 2005