Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-A.I. & Boymelgreeen, a joint venture comprised of an international investment company and a Brooklyn-based developer has purchased the JP Morgan complex in lower Manhattan for $100 million. Asi Cymbal, VP and general counsel for Boymelgreen Developers, says the venture expects to spend an additional $200 million to turn the nearly one million sf 15 Broad St. and adjacent 23 Wall St. properties into a mixed-use environment. James Kuhn, Alice DiMarzio and Howard Kesseler of Newmark Capital Group were the brokers on the deal.

“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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.