(Leviev-Boymelgreen)

Africa-Israel earns $19m on Miami property sale
Africa-Israel sold plots for a total of $89 million.

Eitan Tapiro 10 May 06 12:51

Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY), controlled by chairman Lev Leviev, announced today that one of its subsidiaries, in which owns a 65% controlling share, has sold plots in Miami for $89 million.

Africa-Israel is expected to record a net profit on the deal of $19 million. The 28,700 sq.m. of land is located in downtown Miami.

The agreement between Africa-Israel and the unnamed buyer is expected to be closed within 90 days. Africa-Israel began operating in Miami in 2004, and the plots were acquired during this period.

Published by Globes [online], Israel business news - www.globes.co.il - on May 10, 2006

So one of our most ambitious builders is pulling out of the city? I wonder which ones they sold? The ones around the PAC or the ones along NE 2nd Ave?

If Related begins to do the same then perhaps we'll know that The Apocalypse is upon us.

Could it be the parcel where 1101brickell is going to go? or is it the one by the PAC, although i can't see the land by the PAC Being worth 89million dollars.

Hatter you guessed right. The other sites by PAC are much larger. 1101 Brickell has to be the one.

These guys are soon to pull out of everything in Miami because sales have slowed due to the the press slaughtering this market. Soleil will be canceled too.

Mother of God.......... not 1101...

Maybe Jorge Perez is buying? Who else would be able to pull off such a large deal? I guess we will know in 90 days. Also, the reason for the sale may be that Leviev and Boymelgreen had a falling out (according to the Israeli press):

text (http://www.haaretz.com/hasen/pages/articleDetails.jhtml?sw=leviev&itemNo=714483)

Boymelgreen: U.S. real estate investor Shaya Boymelgreen has been Africa Israel's partner in several U.S. projects, and has been key to their success. Cohen had several confrontations with Boymelgreen, after which the American businessman decided to compete with Africa Israel on its own turf - Israel. He bought Azorim from IDB and sent Leviev into a tizzy.

Well, I'll be darned if the Cassandra's weren't right.

We should be hearing from logyboy shortly.

What a rotten week for Miami.

At least the Heat looked good tonight.

i blame it all on the fucking herald and the rest of the media with all their apocolypse talk that scared everybody into actually creating a downturn...

come on guys, the skyrocketing prices couldnt go on forever. I personally wouldtn blame the herald, the flippers are a bigger problem. If they bought and held then there would be more of a market (those who bought from the flippers would have to buy other units). Oh well its been a good run and some of the lots will be saved for larger projects in the future. Dave do you have a list of what has been built in the last few years and what is under construction now? It has been a good run and we have nothing to be sad about...as long as they build Met 3 :)

i blame it all on the fucking herald and the rest of the media with all their apocolypse talk that scared everybody into actually creating a downturn...

"The only thing we have to fear....is fear itself." Truer words were never spoken. Too bad the investors got scared by the herald and other media trying to kill the boom.

Also if we are assigning blame for the end of the boom here, the FAA needs their fare share. Forcing the taller projects to wait a couple of years before the faa got around to hearing their appeals sure didn't help (see paramount park, platinum on the bay...etc).

Dave I will go along with that, the FAA is evil.

Here are a few of the taller buildings built in the last few years, or under construction
Met 3 (we hope) 75 866
Infinity ll 65 736 (not sure if it is actually under construction)
900 Biscayne 65 712
Marquis 63 679
Infinity 52 630
Marina Blue 57 615
Icon 58 586
Ten Museum 50 585
50 Biscayne 55 554
Quantum 51 554
Opera Tower 56 543
Everglades on bay1 49 538
Everglades on bay2 49 538
Met 1 40 440

Ok that is a short list and I think I have missed a few. Just wanted to point out what we got out of this boom. This is a nice list, more than most cities. Be happy.

Dave I will go along with that, the FAA is evil.

Here are a few of the taller buildings built in the last few years, or under construction
Met 3 (we hope) 75 866
Infinity ll 65 736 (not sure if it is actually under construction)
900 Biscayne 65 712
Marquis 63 679
Infinity 52 630
Marina Blue 57 615
Icon 58 586
Ten Museum 50 585
50 Biscayne 55 554
Quantum 51 554
Opera Tower 56 543
Everglades on bay1 49 538
Everglades on bay2 49 538
Met 1 40 440

Ok that is a short list and I think I have missed a few. Just wanted to point out what we got out of this boom. This is a nice list, more than most cities. Be happy.

Plus Carbonell, the two Axis towers, the two Avenue towers, the two BoR towers, Jade, The Club, Skyline (the lower Brickell one), Latitude, Neovertika, the Riverfront (Wind, Ivy) stuff, Epic, One Broadway...

^ plus dont forget Asia - it will be right up there with carbonell when its done right? also 500 brickell (currently on third floor of both towers) will be in the 40 something club.

Dont forget Loft 2 and Plaza on Brickell and Skyline Mary Brickell VIllage

Hatter you guessed right. The other sites by PAC are much larger. 1101 Brickell has to be the one.
These guys are soon to pull out of everything in Miami because sales have slowed due to the the press slaughtering this market. Soleil will be canceled too.Perhaps it has something to do with the way they marketed their properties? They hired firms that are all style and no substance. That's no way to do business. You need style AND substance!
What a shame...I loved their works.

Rider of ROHAN :wave: , great list there, my friend,
To add,
The Capital at Brickell twin towers will go up before the Infinity II tower will go up, Its just started selling condos at the Infinity II new sales center on site,
Infinity I is Completely sold out :righton: , none left, I checked it out Friday.
:speech:
Also, don't forget to add the almost finished Solaris Tower at brickell, Sail at Brickell and the Emerald at Brickell, and hopefully Villa Magna Starting in 6 months, I was there at the 1200 Brickell bay drive sales center Friday, Its a go, for Tibro hollo, the sales lady even gave me his home phone number,
This model inside is a got to see Moeal, 58 floors, WOW !!!

Go Cranes !!! :cheer: :carrot:

Hey Roark, or anyone with access to the daily business review, can you please give us the details of this article:

Luster lost (http://www.dailybusinessreview.com/news.html?news_id=38787)

By: Oscar Pedro Musibay

Leviev Boymelgreen Developers faces serious setbacks and millions of dollars in unpaid bills in South Florida, casting doubts on its ability to deliver its projects

How the mighty have fallen.

While I'm sure this means 1101 Brickell, Soliel & Marquis West will get the axe, how do you think this will effect farther along projects like Marquis & Vitri? Espcially Vitri, being less far along than Marquis.

Boy I sure hope they finish Marquis

i personally think it was majestics properties fault
they represented alot of these properties and they just dont know what there are doing. wine parties and go go boys and girls dont sell condos....

I have to agree with rx, i dont know if anyone has recieved some of majestic properties magazines but i've recieved 2, marketing projects like vitri, marquis, element the magazine looked expensive to print some nice looking paper and stuff but the magazine was about 30 pages and was totally irrevelant to what it was trying to sell, it was just about 40 pictures of half naked men and women, good to look at but not really hitting the point, yea sex sells but will it sell a condo, not always or atleast not any more.

i'm out of town, and the password is on my desktop pc. I'll get the Miami Daily Biz review article. and will be happy to share the informati

While I'm sure this means 1101 Brickell, Soliel & Marquis West will get the axe, how do you think this will effect farther along projects like Marquis & Vitri? Espcially Vitri, being less far along than Marquis.

okay as a current architect with the architects of vitri and marquis west i can tell you the latest (not that anyone EVER reads my posts)

vitri just got 100% construction documents submitted last week, the site has been cleared and it will be starting this summer (98% sure there folks)

marquis west has been put on a lull until they go for sales in october/november they are holding off now and are probably NOT going to do Soleil but WILL do Marquis, Marquis west and vitri. i know soleil is listed as u/c but really they (the boymelgreen people i mean) have had serious doubts and discussions about which projects to pull through and which to cancel.

okay as a current architect with the architects of vitri and marquis west i can tell you the latest (not that anyone EVER reads my posts)

vitri just got 100% construction documents submitted last week, the site has been cleared and it will be starting this summer (98% sure there folks)

marquis west has been put on a lull until they go for sales in october/november they are holding off now and are probably NOT going to do Soleil but WILL do Marquis, Marquis west and vitri. i know soleil is listed as u/c but really they (the boymelgreen people i mean) have had serious doubts and discussions about which projects to pull through and which to cancel.

Okay, that's better than I expected, given the dour tone of the article the other day.

^ the article was definitely dour and in large part well founded. i dont think that most of the proposals from Africa/Israel will actually happen.

but i know that Vitri (98%) will and Marquis will happen, marquis west is likely to happen but you never know. Vitri and Marquis have already moved into construction phasing (marquis ahead obviously) but the other projects like Soleil may unfortunately disappear.

i remember that Africa/Israel bought 20 some parcels back in 04, does anyone know the status of them overall? itd be interesting to see a list and their proposals/fates.

And to agree with hatter ive always had a bitter taste about miamis (especially majestics) approach to marketing architecture and urbanism via sexy glamorous things with little substance relative to the building/investment. i know its about lifestyle, but at the same time you are buying a home, not a share in a south beach nightclub.

the problem with soliel is the amenities included will make your maintanance seem like another mortgage. i would redisign the project and include an office tower behind the smaller one and the condo tower with less ameneties and probably a bit bulkier with more units.

you wonder how two larger towers will fit on that entire lot if you demolish the office building....

everyone :grouphug:
only in Boston, Nimby's :bash: complain about a proposed 400 ft tower blocking a airport runway approach when there's an already 790 ft tower right next to it, gezzzzz. :weirdo: 's

anyway, for Boston, the mayor :) now wants a 1,000 foot office tower of 70 - 80 stories high, :cheers:
:speech:
check also in the Boston forum, my mother's hometown :righton: .

yes chuck you are correct i am currently involved in that project i was just there april 27 to check out the site...here is an excerpt of a letter to a friend.


Really Psyched a local developer has asked me to draw up a draft for a
1, 000-foot tower in Winthrop Square. (BOSTON)

You know what that means if my design gets picked by the mayor and approved by the RFP?

it would mean that bostons only 1000ft tower would be designed by me. talk about leaving your mark!

so finally the identity of rx is revealed your an architect.

Wow, RX :wave: , your an Architect, Kool, maybe your part of that world famous firm, Arquitectonica, Fantastic, and your still in your 20's, right,

Good Luck, my friend :banana: :cheer: :okay:

p.s. My mother was born in East Boston, near Logan International airport..

RX, did you get a chance to ride the New Central Artery Tunnel, I-93 ??? :cheers:
I know that the ONLY way to get from LOGAN's Airport to Downtown Boston is the choice of two tunnels , one is only in ONE direction, Its Kool, all tunnels !!!
also, I forgot, \
For everyone here,
its the new Tunnel and pictures live Cams, www.bigdig.com

gotta check it out at night.

Go to SPRING 2006 UPDATE, has huge Picture of Downtown BOSTON,

i just turned 30 this year chuck

Its all down hill now RX ;-)

Speaking of Boston, I'll be up there this weekend as well.

nice rx, now were finding out more about u,

clue: maybe rx is the one designing these new towers and telling us about em in advance,

give us a 1000 footer rx!

Speaking of Boston, I'll be up there this weekend as well.

Dave, my friend,
Please take lots of pics of the Big dig I - 93 Central Artery Tunnel, and the Only bridge of Its Kind Built in North America The " Leonard Zamkin Bridge " 10 Lane Bridge over the Charles River AT NIGHT , please :cheers:

www.bigdig.com

Please take pics also of the top of tunnel areas that are being develop into parks and small office buidings on top of the tunnel in Downtown Boston.

Thanks again. :)

Seems like the same thing is happening in Midtown were Joe cayre is trying to sell his stake in the project, ie selling the remaining land. Will it matter, will it be better? Is it another majestic issu/ the same pattern sem to appear again? Is it a failure of Majestic properties not being up to the task? I don't know but I would like to say I initially loved the project and what it is doing to the city and would have liked Joe Cayre to be more responsible in carrying on his promises to the City since the project sold a lot on his reputation and his supposed love for the city of Miami.

I hope everything will go right and this area becomes what it ought to be ...Is it wishful thinking ? U tell me...

that site is a huge undertaking

i dont blame them for wanting to sell and move on its a stressfull project
of great size.

i would sell my portion and move on to smaller easier faster developments
he has allready gained alot of cash out of the whole deal also initially the idea was to sell the condo parcells to different developers so its not at all wrong for him to do this now... i will try to find the old article to post it on here...

I am curious to know if anyone has any more news on the intentions of Africa Israel in Miami...are they gonna do any new projects?

And what about Soleil?? Is it going to happen??

Africa-Israel Miami deal at risk

Africa-Israel was to have recorded a post-tax capital gain of $19 million on the deal.

Adi Ben Israel 13 Dec 06 19:34

In May, Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY), controlled by Lev Leviev, announced that its subsidiaries had agreed the sale of lots in Miami worth $89 million. Africa-Israel was to have recorded a post-tax capital gain of $19 million on the deal.

Africa-Israel announced today that the buyer had cancelled the sale just as it was about to close, for various reasons such as environmental damage, building permits and liens on the lots. The company added that its subsidiaries had rejected these claims and had demanded that the buyer complete the deal, failing which they will foreclose the $6 million deposit that the buyer deposited in a trusteeship as agreed compensation in the event that the agreement is not upheld.

The US buyer said it contested the vendors’ claims and that it would demand the return of the deposit. The parties are nevertheless holding talks to resolve the dispute.

The lots, comprising 28,700 sq.m. of land in total, are located in downtown Miami. The agreement between Africa-Israel and the buyer, whose name has not been disclosed, was due to be closed within three months. Africa-Israel began operating in Miami in 2004 and it acquired the lots over the last two years.

http://www.globes.co.il/serveen/globes/DocView.asp?did=1000162492&fid=1725

VITRI is well underway, which I for one am very happy about. I think it will give Miami a lot a cache. If they create a building that looks like the renderings, that is.