Acro Group purchases $80 million Wall Street building

The 33-story Setai building is located at 40 Broad Street, on the corner of Wall Street, in the heart of New York’s financial district.

By NADAV SHEMER
April 5, 2011 23:50
1 minute read.
The Setai residential building on Wall Street

Setai building 311. (photo credit: Acro Group)

 
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Herzliya-based Acro Group has completed its $80 million purchase of a majority of the prestigious Manhattan residential building Setai, the company announced Tuesday.

Acro USA, the American real-estate arm of Acro, which is owned by Tzahi Arabov and Ilan Kapon, will acquire Setai’s approximately $160 million in debts after winning the tender for the building from the Anglo-Irish Bank Corporation.

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Acro Group was happy to announce the deal’s completion, Arabov said in a press statement, adding: “This is one of the most magnificent buildings in Manhattan, located in the Ground Zero area, which in recent years has turned into one of the fastest-growing and most attractive areas in New York and more specifically in Manhattan.”

“In the coming two years we expect to begin a number of meaningful projects alongside the building, and we estimate that housing prices in the area will rise significantly,” he said.

The 33-story Setai is located at 40 Broad Street, on the corner of Wall Street, in the heart of New York’s financial district. With the completion of the deal, Acro USA acquires 103 of the building’s 153 apartments. Of those, it has already sold about 40 to Israeli investors and another 20 to American investors. It intends to sell the rest in the coming months.

The building is about 14,000 square meters large, and apartment prices vary between $500,000-$900,000.

Aside from the apartments, it includes a gymnasium, restaurant and a spa that was named among the best in Manhattan by New York Magazine.

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Acro Group has acquired other troubled Manhattan real-estate projects at discount prices in the past, including a luxury residential project on East 51st Street. The company is also behind many projects in Israel, including New Tel Aviv Towers in the Nachlat Yitzhak neighborhood, Ne’eman Towers in north Tel Aviv, and other projects in Tel Aviv and Herzliya Pituach.

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