"We felt that purchasing the building was a good business opportunity and a better opportunity to contribute to the city and downtown," Cymbal says. "We specialize in revitalizing communities and focus on projects such as this. Boymelgreen's intent is to participate in a material way in the revitalization of downtown."

Though the full scope of the plans have not been committed to as of yet, Cymbal anticipates office and retail space will available on the below ground levels four through five and up to and including the fourth floor. Floors five through 37 will most likely be deemed residential. Cymbal expects the residences to be high end. "They'll exude quality and style."

So far, interest in the complex has been high. "We are in negotiations with schools, institutions and corporations," says Cymbal. He expects commercial tenants to move in by the end of the summer and that the residential conversion will be completed "quickly and efficiently."

Africa Israel and Boymelgreen have already purchased nine New York buildings and two Toronto properties in the past year-and-a-half, according to published reports. The company recently estimated the value of the 11 properties at $700 million with about 60 percent of the space designated residential.

Africa Israel Investments Ltd. is an international holding and investment company that is active, among others, in the spheres of residential and business construction, construction and management of shopping malls, and building of infrastructure. It was one of the first companies whose shares were traded on the Tel Aviv Stock Exchange (TASE). Boymelgreen Developers has built numerous mixed-use buildings in Brooklyn and Manhattan.

Instant Insights /

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