Thursday, December 23, 2010
Leviev signs lease deal for Times Square building
A unit of Lev Leviev-controlled Africa-Israel Investments Ltd. on Wednesday leased 28,000 square feet in the old New York Times Building to nationwide fashion chain Daffy’s. The company did not disclose the terms of the lease. The lease boosts the occupancy rate of the building’s retail space to 70%.
Africa-Israel bought the old New York Times Building, at West 44th Street by Times Square, in April 2007 just before the US real estate bubble burst.
AFI USA Inc. CFO and acting CEO Tamir Kazaz said that there has been heavy demand lately for extensive high-end retail space for the Times Square Building. Stores in the building directly face 44th Street, where there is heavy pedestrian traffic. This has boosted the pace of leases and the building has become a top site for retailers seeking broad exposure to customers from all over the world.