Africa Israel Cedes Control of New York’s Apthorp Complex
This article is for subscribers only.
AREA Property Partners LP gained control of Manhattan’s landmark Apthorp apartment building from Africa Israel USA, billionaire Lev Leviev’s U.S. real estate unit, after a recapitalization.
AREA replaced all representatives from Africa Israel on the board of the condominium, according to an amended condo offering plan filed this month with the office of New York State Attorney General Eric Schneiderman. AREA executives including North America Chief Executive Officer Richard Mack and global CEO Lee Neibart will join the board.