Setai building 311.
(photo credit: Acro Group)
Herzliya-based Acro Group has completed its $80 million purchase of a majority
of the prestigious Manhattan residential building Setai, the company announced
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
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.
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
Aside from the apartments, it includes a gymnasium,
restaurant and a spa that was named among the best in Manhattan by New York
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.