(This story, in slightly different form, originally appeared in Incisive Media's Daily Business Review.)

MIAMI-A nearly $50-million price cut on a seven-acre property in the Park West neighborhood has put an end to a legal battle between developers of the proposed Miami Worldcenter and an Israel-based conglomerate. Africa-Israel Properties, led by Israeli-Russian diamond billionaire Lev Leviev, agreed to sell the parcel to the Worldcenter developers for $39 million, less than half the original $88.7-million contract price.

The deal is expected to close by Sept. 14. The developers, the Falcone Group and Marc Roberts Cos., can extend the closing for another month in exchange of an additional $1 million deposit.

The developers signed a contract to buy the parcel in 2006 and paid a total of $18 million in deposits to Africa-Israel while seeking closing extensions. Early this year, the developers didn't close on the deal by the extended deadline and sued to recover their deposit.

Recommended For You

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more information visit Asset & Logo Licensing.