Acro, Polar and the Taibers sold the lot for $83 million after buying it for $46 million two years ago.
Acro Real Estate, controlled by Tzahi Arabov and its partners Polar Investments Ltd. (TASE: PLR) owned by Ziel Feldman and the Taiber family in New York have sold the Bryant Park lot for $83 million.
Acro and its partners bought the lot two years ago for $41 million. The lot currently serves as a car park owned by a real estate developer unable to move ahead with the project due to financial difficulties. To obtain full ownership from the property from him, the Israeli partners paid him $5 million to bring their total investment to $46 million.
The lot is located between Fifth and Sixth Avenues in Manhattan and 40th Street near the New York City Library and next to the HSBC building owned by Nochi Dankner's IDB Holding Corp. Ltd. (TASE:IDBH) unit Property and Building Ltd. (TASE: PTBL). The Bryant Park lot has building rights for a 32-floor apartment and hotel building totaling 20,900 square meters.
Acro holds 54% of the property, Polar Investments 12% and the Taiber family 24%.
Published by Globes [online], Israel business news - www.globes-online.com - on March 6, 2013
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