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October 10, 2006
Israeli company to build housing at Ridge Hill
Bloomberg News, via The Journal News
By Jonathan Ferziger
A familiar face makes his debut in news of Bruce Ratner's controversial Ridge Hill project:
Azorim Investment Development & Construction Co., an Israeli real estate company, won a contract to build housing as part of the $600 million Ridge Hill Village project in Yonkers.
The Tel Aviv-based company's U.S. subsidiary, Azorim at Ridge Hill Inc., agreed to pay for 33 percent of the $210 million portion of the project, which includes 500 residential units, Azorim said in a statement to the Tel Aviv exchange.
...
Ridge Hill, approved by the Yonkers City Council earlier this year, is proposed by Brooklyn-based developer Forest City Ratner. It includes 1,000 residential units, 1.3 million square-feet of retail space, a hotel and conference center and entertainment venues.
...
Shaya Boymelgreen, a New York property developer, bought control of Azorim last month from IDB Development Corp. for 1.4 billion shekels ($327 million) and said he wanted to expand its business outside Israel. The Yonkers project is Azorim's first in the U.S., the company said.
Posted by lumi at October 10, 2006 7:20 AM