Africa-Israel Investments Ltd announced its largest ever deal in New York today. The company has bought ownership of the New York Times Building, an old and famous building in Times Square in Manhattan. Africa-Israel, which is controlled by Lev Leviev, paid $525 million for the building. 

The company says that it intends to invest $170 million in refurbishing the property, and that it will let it for offices and commercial space.

The latest purchase follows the company’s purchase of half of the Apthorp building on Manhattan’s Upper West Side for $426 million in March as reported HERE on YW.

(Globes)