Israelis to build apartments in NYC for $6.5M

YNET
After conquering popular areas in Israel, the Israelis have begun implementing the buyers group concept abroad. A recently formed buyers group is planning to build an apartment building near Columbia University in New York City at a total investment of $6.5 million.

The group bought the land, located on 116th Street and 8th Avenue at the entrance to the university, from an official receiver for $1.2 million. The land was purchased before the global financial crisis for $3.2 million.

The group was organized by Eldad Levy, an Israeli businessman living in New York. Levy, one of the owners of the Centrock Group, has built a model similar to the one of Israeli buyers groups, which will provide the buyers in New York with legal protection.....  Full story