Africa Israel USA Gives Up Control of Upper West Side’s Apthorp
By Carl Gaines August 15, 2012 10:35 amreprints
An investor in the Apthorp apartment building—the Upper West Side apartment condo conversion built by the Astors in 1908 and later named a city landmark—has relinquished control of the building, according to a lengthy report in The Real Deal.
The investor, Africa Israel USA, has given up control of the building to mezzanine lender Area Property Partners. An affiliate of Area had bought the balance of the building’s $385 million mortgage debt from Irish Bank Resolution Corp., in a deal that closed August 10.