Published On: Tue, Jun 24th, 2014

The Sapir Organization’s Alex Sapir and Rotem Rosen Have Aquired Manhattan’s Mondrian Soho Hotel for $205 Million

Israeli born Tamir Sapir’s family continues its dominance in New York City real estate.

Developer Alex Sapir / Getty

Rotem Rosen and Alex Sapir have purchased the luxurious Mondrian Soho Hotel in Manhattan for $205 million. The five-star boutique hotel, which had been in foreclosure since last year, was part of the Morgans Hotel Group and was acquired from Deutsche Bank AG. The new owners are expected to preserve the hotel’s current character, but under a new name. The hotel’s sale was first reported by the Israeli press.

Located at 9 Crosby Street in Manhattan’s Soho neighborhood, the hotel has 270 rooms. Its services include a 24 hour concierge, a 24 hour front desk, a 24 hour gym, a restaurant and a Bar. It is one of three hotels of that name including one in Los Angeles.

Mondrian Soho Hotel

Rosen and Sapir also own the Zuma Japanese restaurant brand in America together with chef Rainer Becker. They plan to open a Manhattan branch which will take up 23, 000 square feet at the Sapir Organization’s 260-261 Madison Avenue office building.

Alex Sapir has served as the President of the Sapir Organization, one of New York’s largest commercial landlords, since April 2006. In February the company signed a deal to lease 525, 000 square feet of prime office space in a building located at 11 Madison Avenue to the Sony Corporation of America.

Rotem Rosen has been an executive member of Sapir since 2010.

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The Sapir Organization is a group of privately held companies, owned by Sapir family members. Collectively, this New York-based real estate firm owns and manages approximately 6 million square feet of prime Manhattan commercial and residential space. Founded by Mr. Tamir Sapir, its chairman, the Organization has embarked on residential and multi-use projects under the leadership of Mr. Alex Sapir and Mr. Rotem Rosen through ASRR, LLC.

The Organization owns and manages significant architectural landmarks throughout Manhattan, including 11 Madison Avenue, 2 Broadway, Trump Soho Hotel & Condominium, 260 Madison Avenue, 261 Madison Avenue and two residential buildings, 50 Murray Street and 53 Park Place.

Additionally, it has developed major projects including the William Beaver House, a residential condominium in the Financial District, as well as Trump SoHo, the first five-star luxury hotel condominium in Downtown Manhattan. Sapir continues to expand its international assets through strategic purchases in major real estate markets.

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Tamir Sapir was born in the Tbilisi region of the former Soviet Union. Sapir immigrated to Israel in 1973, arriving in the wake of the Yom Kippur war. Conditions were tough for Sapir and so he decided to try a life in America. Thanks to a mixture of hard work and a shrewd business brain, Tamir began to prosper in the United States, initially as the electronics retailer then through brokering electronics deals from United States to oil contracts in Russia.

With the money that he earned Sapir began investing in Manhattan real estate in the early 1990s and succeeded in becoming a billionaire in less than 10 years.

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