Jacky Ben Zaken and Elstien Partners with Manofim for the Lipstick building
Jewish-Argentinian businessman Eduardo Elstien becomes newest partner ofbusinessman Jacky Ben Zaken and Abarahm Nanikashvilli’s Manofim .Finance in the ownership of New York’s Lipstick Building Published on 05/07/2008 in Calcalist
Tao Tsuot, Manofim’s previous partner, sold its holdings (35%) in the building to Elstien’s IRSA and to the .Marziano family for 12.7 million dollars
Elstien is the chairman of the IRSA real estate company, traded on NASDAQ for a value of 610 million dollars, after its value dropped 50% in the last year.The company’s main activities have been in Argentinian real estate, where it holds ten shopping centers .among other assets The Lipstick Building was acquired on July 10, 2007 by a common corporation including Tao, Jacky Ben Zaken’s Manofim Finance and the Marziano family. The common corporation that they established acquired the building for 649 million dollars, 527 million of which was long-term finance and 60 million, short-term finance. The rest came .from equity Manofim Finance, controlled by Jacky Ben Zaken and Abraham Nanikashvilli and run by Danny Vaknin, will be the largest shareholder in the building after the selling of Tao’s shares. The Marziano family and other partners from New York will hold 35% of the .building while IRSA will hold 30% Following the provisions made by Tao after the building’s depreciation in value, which reached 47 million NIS, the structure is listed in the company’s books as worth 35.6 million NIS, meaning that the company’s equity will grow by 8 million NIS by the signing of the deal. Tao also saved 12 million NIS, which were meant for mezzanine loans .granted by Goldman Sacks and were paid by Manofim