Fishman Holdings subsidiaries Industrial Buildings Corp. (TASE: IBLD) and Darban Investments Ltd. have sold a lot in Manhattan for $61 million (NIS 221 million). The lot is zoned for the construction of a residential and commercial building. The companies own the lot in equal shares.
Industrial Buildings and Darban will book the property as inventory available for sale, and each company expects to report a gross profit of NIS 30 million and cash flow of NIS 65 million on the sale. Industrial Buildings and Darban have first refusal rights if the buyer decides to sell the lot to a third party. If the buyers sells the lot, and the companies do not exercise this right, they will be eligible for an additional payment of no less than $8 million.
The sale comes a week after Industrial Buildings' parent company, Jerusalem Economy Ltd. (TASE:ECJM) (JEC) sold a mall in Saskatchewan for C$63 million. In March 2012, Industrial Buildings and Darban sold a property in Manhattan's Tribeca neighborhood for $44.3 million.
Eliezer Fishman is the controlling shareholder in “Globes”.
Published by Globes [online], Israel business news - www.globes-online.com - on April 7, 2013
© Copyright of Globes Publisher Itonut (1983) Ltd. 2013