Iraeli billionaire Lev Leviev‘s Africa-Israel company has announced new plans for the former New York Times Building on West 43rd Street in New York City. Leviev purchased the building in 2007 for $525 million and then spent $170 million turning it into a high-price office building. When the commercial market dipped, offices were unoccupied.
Leviev’s latest plan is to turn the 15-story building into a consumer palace with retail space that includes restaurants, shops, a bowling alley and a nightclub, along with a high-end hotel and penthouse condos. Although some are skeptical over whether this plan will work, we know Leviev is a risk taker, and hopefully the gamble pays off…literally.