For the second time this year, Africa Israel Investments Ltd. has bought a
prominent New York City building with a storied history. The Israeli
conglomerate said Monday it is buying the famed New York Times Co. building in
midtown Manhattan for $525 million from privately held Tishman Speyer
Properties. An AII subsidiary made a $50 million payment, and the investment
firm will pay the rest at closing. AII said it plans to take on partners to
negotiate financing with a foreign international bank, but it’s certain the
deal will go through. Tishman Speyer bought the building in 2004 for $175
million. The New York Times is leaving its home of 94 years for a new tower
two blocks away and is expected to vacate the building by July. Africa Israel
Investments is controlled by billionaire Lev Leviev and has interests in real
estate, energy, hotels and infrastructure. In March, the firm bought 50% of
the historic Apthorp apartment building, which it plans to renovate and
convert into condos. —Greg Johnson
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