FOR IMMEDIATE RELEASE
LEVIEV BOYMELGREEN SELLS 14 WALL STREET FOR $325M
Surge in Downtown Office Market Results in $115M Profit
Leviev Boymelgreen has closed on the sale of 14 Wall Street, the 37-story, 956,000-square-foot tower in the heart of the financial district. The historic Downtown building was sold for $325M – a $115M profit, with $41M going to the Boymelgreen Group.
“Given the strength of the market and the quality of this landmark building, we knew the timing was right to seek a positive return on our investment,” said Shaya Boymelgreen.
Mr. Boymelgreen, known for his vision and investment acumen, chose not to convert 14 Wall Street to residential units after purchasing the building in the fall of 2005 because he foresaw the re-emergence of the Downtown office market.
Designed in 1912 by Trowbridge & Livingston, architects of the New York Stock Exchange, 14 Wall Street was originally known as the Bankers Trust Company Building. In 1932 a 25-story addition was added by the architectural firm of Shreve, Lamb & Harmon. The 31st floor of the building was once an apartment for legendary financier JP Morgan.
The Boymelgreen Group has a diverse global portfolio which includes a group of 13 hotels around the world, and the company continues to explore fast-emerging international markets with strong hotel, commercial, retail and mixed-used development opportunities. Mr. Boymelgreen controls seven public companies (traded on the AIM, NASDAQ and Israeli stock exchanges) and his operations extend into 14 countries including Brazil, India and several Eastern European countries. Leviev Boymelgreen is a joint venture between the Boymelgreen Group and Africa Israel which was formed in 2002. Under Mr. Boymelgreen’s leadership, the joint venture built an eight million-square-foot portfolio of projects across the U.S.