Africa-Israel Investments, a subsidiary AFI USA, is selling a residential and commercial building in Downtown Manhattan for $222 million, Bloomberg reports. Anunnamed buyer will also pay off a $24 million mezzanine loan on the building and assume a $132 million senior mortgage.
Africa Israel, controlled by Chairman Lev Leviev, will offload a 49% stake in the property for $37 million and will sell the remaining share for about $17 million six months later. The sale will reduce the real estate company’s consolidated debt in its balance sheet by $156 million.
Click here for the story from Bloomberg.
Click here for additional coverage from Globes.