Miami Herald
Miami was at the center of Africa Israel's declining US portfolio. The company partnered with Shaya Boymelgreen to scoop up large chunks of Miami commercial real estate five years ago.
After buying out Boymelgreen last year, Africa Israel watched the value of its holdings drop sharply. At the end of 2008, it knocked $173 million off the value of its newly opened Marquis condo tower in Downtown Miami and another $69 million off the value of vacant lots nearby, according to corporate filings. The two write-downs account for about a third of the real estate write-downs the company recorded in 2008.
Most recently, Africa Israel agreed to sell seven acres in Miami's Park West neighborhood to developers of Miami Worldcenter for $39 million, taking a $50-million price cut on the property. The deal is slated to close by Sept. 14.
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