The Africa-Israel USA real-estate unit of tycoon Lev Levaiev's Africa-Israel's Africa-Israel investment firm announced on Thursday that it was selling the top floors of the former New York Times Building on Times Square for $160 million. The sale came four years after Africa-Israel bought the whole building for $525 million in 2007, before the real-estate crash in the United States.
The Real Deal Online website reports that proceeds from the sale will be used to pay down part of Africa-Israel's first mortgage on the property, which was refinanced in 2009.