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Lev Leviev’s Africa Israel Investments Ltd.’s American division has sold a majority share in its Times Square Building in Manhattan to Jared Kushner for $285 million, Globes has reported.
Kushner now holds a 50.1% stake in the building. Africa Israel reported the transaction to the Tel Aviv Stock Exchange. If Kushner cancels the deal for any reason then he will have to pay the company $12.5 million.
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After paying off loans tied to the asset, Africa Israel will net $35 million.
Located at 229 W 43rd St, the property was previously known as the New York Times building. Built in 1912, it has 18 floors.
From Street Easy:
“229 West 43rd Street, the home of the New York Times Company until 2007, is situated in the heart of Times Square, a world center for business, tourism and entertainment. The building is comprised of 18 floors and several levels of below-grade space, totaling approximately 746, 000 square feet (Floors 16 through 18 consist of the building cupola and space for the building’s mechanical systems).
“The base office floors are 50, 000-60, 000 square feet, the ground floor, basement and sub-basement, which previously housed New York Times Company’s printing facility, are 40, 000-50, 000 square feet each.
“In April of 2001, the Landmarks Preservation Commission (LPC) designated 229 West 43rd Street as a historical and architectural landmark. The New York Times Company has been headquartered at this location since 1913. A full-scale redevelopment of the building is planned once the New York Times Company vacates the building for their new headquarters.”
