El-Ad Group
Encyclopedia
El-Ad Group, is a real estate development
conglomerate
based in Israel
. Among its subsidiaries is New York City
-based Elad Properties, which owns several landmark properties in that city and in May 2007 purchased the New Frontier Hotel and Casino
in Las Vegas, Nevada
for a record $1.2 billion. The ElAd Group is a subsidiary of Delek Group
, owned by Yitzhak Tshuva, a self-made businessman with assets around $4 billion. Tshuva was listed at No. 214 on the Forbes
list of the world's wealthiest people in 2007, up from 382nd just a year earlier.
, with extensive holdings in the United States
, primarily New York City
. The flagship property of Elad Properties, New York, is the Plaza Hotel
on Central Park South
, bought by ElAd affiliate CPS One LLC, and reopened March 1, 2008. ElAd Properties is run by CEO and President Miki Naftali.
Established in 2004 to spearhead expansion into the southeast, El Ad National Properties began as an affiliation between El Ad Group Florida and El Ad Group Canada, and today runs properties in ten states with a focus on the south, the Midwest and northeastern United States. 55% of Elad National Properties' portfolio are rentals. Through a joint venture, El Ad National Properties controls Element National Management, a property management company.
In 2007, the company expanded its holding in Los Angeles, purchasing land between Beverly Hills and Westwood as part of a $330 million development deal.
Miki Naftali is President and CEO of the New York- headquartered Elad Group (and its subsidiary, Elad Properties), a leading New York and international developer and owner of prime residential and commercial real estate, including an impressive and growing multi-billion dollar collection of luxury properties. Mr. Naftali launched and guided Elad’s successful New York operation and its expansion across the country and around the globe.
The highlight of Elad’s portfolio is New York’s iconic Plaza Hotel. The storied landmark has undergone a $450 million renovation, restoring it to its 1907 glory, adding state of the art technology providing the ultimate in comfort and convenience. Elad will also be expanding The Plaza brand to premier cities around the world, including Boston, Los Angeles, Paris, London, Tokyo and Shanghai.
Mr. Naftali is developing the last high-rise luxury condo on the world famous Wilshire Corridor in Los Angeles and is planning a spectacular luxury high-rise in New York City designed by Daniel Libeskind. He is leading Elad into Singapore by creating a major residential, commercial, retail and hotel complex designed by Sir Norman Foster.
Mr. Naftali also oversees Elad’s activities in other premier North American markets. Elad Canada’s high quality residential and commercial developments are principally located in the Montreal, Toronto and Ottawa areas, and include more than 12,000 residential units, many in newly created attractive neighborhoods, and over 6000000 square feet (557,418.2 m²) of commercial, retail and industrial space. Elad National has a growing presence in Florida, Texas, Maryland, North Carolina, South Carolina, Georgia, Michigan, Illinois, Indiana and Massachusetts.
El Ad Properties is developing the last high-rise luxury condo on the world famous Wilshire Corridor in Los Angeles and is planning a spectacular luxury high-rise in New York City designed by Daniel Libeskind.El Ad has two projects in Singapore-a major residential, commercial, retail and hotel complex designed by Sir Norman Foster, and The Futura, a super luxury high-rise residential condominium on the periphery of Orchard Road, Singapore's Fifth Avenue.
Miki Naftali oversees Elad's activities in other premier North American markets. Elad Canada's high quality residential and commercial developments are principallylocated in the Montreal, Toronto and Ottawa areas, and include more than 12,000 residential units, many in newly created attractive neighborhoods, and over 6000000 square feet (557,418.2 m²) of commercial, retail and industrial space. Elad National has a growing presence in Florida, Texas, Maryland, North Carolina, South Carolina, Georgia, Michigan, Illinois, Indiana and Massachusetts. Its assets, valued at $1.4 billion, include over 10,000 luxury units and 1000000 square feet (92,903 m²) of commercial and retail space, with a major focus in 10 Florida resort communities.
caused great controversy in 2004. But as the hotel was readied for opening on March 1, 2008, The New York Times
observed, Tshuva and Peter Ward, president of the New York's hotel workers' union, had reconciled their differences: "It was a big change from early 2005, when Mr. Ward vowed to block Mr. Tshuva's plans to convert most of the hotel into luxury condos and reconfigure some of its Edwardian public spaces into upscale shops, moves he contended would force union members out of work".
On May 15, 2007, the company announced plans to purchase the New Frontier Hotel and Casino
on the Las Vegas Strip
in Las Vegas, Nevada
, with plans to raze the current structure and build a new resort to be branded as The Plaza Las Vegas
. It sold for a record $33 million per acre
. In April 2008, Elad Properties faced a lawsuit between itself and the New Frontier
owner. Las Vegas lawyer
Gene Porter of Porter and Bello Law Corporations was hired to mediate the dispute.
Delek also operates gas stations and has interests in car dealerships, cable television, insurance and energy companies.
Real estate development
Real estate development, or Property Development, is a multifaceted business, encompassing activities that range from the renovation and re-lease of existing buildings to the purchase of raw land and the sale of improved land or parcels to others...
conglomerate
Conglomerate (company)
A conglomerate is a combination of two or more corporations engaged in entirely different businesses that fall under one corporate structure , usually involving a parent company and several subsidiaries. Often, a conglomerate is a multi-industry company...
based in Israel
Israel
The State of Israel is a parliamentary republic located in the Middle East, along the eastern shore of the Mediterranean Sea...
. Among its subsidiaries is New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
-based Elad Properties, which owns several landmark properties in that city and in May 2007 purchased the New Frontier Hotel and Casino
New Frontier Hotel and Casino
The New Frontier was a hotel and casino located on the Las Vegas Strip that had operated continuously since October 30, 1942. Actually located within the unincorporated suburb of Paradise, Nevada, USA, it was the second resort that opened on the Las Vegas Strip. The Frontier closed its doors for...
in Las Vegas, Nevada
Las Vegas, Nevada
Las Vegas is the most populous city in the U.S. state of Nevada and is also the county seat of Clark County, Nevada. Las Vegas is an internationally renowned major resort city for gambling, shopping, and fine dining. The city bills itself as The Entertainment Capital of the World, and is famous...
for a record $1.2 billion. The ElAd Group is a subsidiary of Delek Group
Delek Group
Delek Group is of one Israel's largest companies, owned by Isaac Sharon , a self-made multi-millionaire. Delek Group is involved in the energy and infrastructure, with investments in upstream and downstream energy, water desalination and power plants. Delek Group' subsidiaries are also involved in...
, owned by Yitzhak Tshuva, a self-made businessman with assets around $4 billion. Tshuva was listed at No. 214 on the Forbes
Forbes
Forbes is an American publishing and media company. Its flagship publication, the Forbes magazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Business Week...
list of the world's wealthiest people in 2007, up from 382nd just a year earlier.
Middle East
ElAd Group, run by CEO Amos Kol, focuses on IT, one of the leading companies in the Israeli IT market since 1982. Elad Hotels Ltd. took a controlling interest in the 6-hotel Sheraton Moriah Israel hotel chain.North America
Elad Properties is a real estate developer based in New York CityNew York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
, with extensive holdings in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
, primarily New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
. The flagship property of Elad Properties, New York, is the Plaza Hotel
Plaza Hotel
The Plaza Hotel in New York City is a landmark 20-story luxury hotel with a height of and length of that occupies the west side of Grand Army Plaza, from which it derives its name, and extends along Central Park South in Manhattan. Fifth Avenue extends along the east side of Grand Army Plaza...
on Central Park South
Central Park South
Central Park South is the portion of 59th Street that forms the southern border of Central Park in the borough of Manhattan in New York City. It runs from Columbus Circle at Eighth Avenue on the west to Grand Army Plaza at Fifth Avenue on the east...
, bought by ElAd affiliate CPS One LLC, and reopened March 1, 2008. ElAd Properties is run by CEO and President Miki Naftali.
Established in 2004 to spearhead expansion into the southeast, El Ad National Properties began as an affiliation between El Ad Group Florida and El Ad Group Canada, and today runs properties in ten states with a focus on the south, the Midwest and northeastern United States. 55% of Elad National Properties' portfolio are rentals. Through a joint venture, El Ad National Properties controls Element National Management, a property management company.
In 2007, the company expanded its holding in Los Angeles, purchasing land between Beverly Hills and Westwood as part of a $330 million development deal.
Miki Naftali is President and CEO of the New York- headquartered Elad Group (and its subsidiary, Elad Properties), a leading New York and international developer and owner of prime residential and commercial real estate, including an impressive and growing multi-billion dollar collection of luxury properties. Mr. Naftali launched and guided Elad’s successful New York operation and its expansion across the country and around the globe.
The highlight of Elad’s portfolio is New York’s iconic Plaza Hotel. The storied landmark has undergone a $450 million renovation, restoring it to its 1907 glory, adding state of the art technology providing the ultimate in comfort and convenience. Elad will also be expanding The Plaza brand to premier cities around the world, including Boston, Los Angeles, Paris, London, Tokyo and Shanghai.
Mr. Naftali is developing the last high-rise luxury condo on the world famous Wilshire Corridor in Los Angeles and is planning a spectacular luxury high-rise in New York City designed by Daniel Libeskind. He is leading Elad into Singapore by creating a major residential, commercial, retail and hotel complex designed by Sir Norman Foster.
Mr. Naftali also oversees Elad’s activities in other premier North American markets. Elad Canada’s high quality residential and commercial developments are principally located in the Montreal, Toronto and Ottawa areas, and include more than 12,000 residential units, many in newly created attractive neighborhoods, and over 6000000 square feet (557,418.2 m²) of commercial, retail and industrial space. Elad National has a growing presence in Florida, Texas, Maryland, North Carolina, South Carolina, Georgia, Michigan, Illinois, Indiana and Massachusetts.
El Ad Properties is developing the last high-rise luxury condo on the world famous Wilshire Corridor in Los Angeles and is planning a spectacular luxury high-rise in New York City designed by Daniel Libeskind.El Ad has two projects in Singapore-a major residential, commercial, retail and hotel complex designed by Sir Norman Foster, and The Futura, a super luxury high-rise residential condominium on the periphery of Orchard Road, Singapore's Fifth Avenue.
Miki Naftali oversees Elad's activities in other premier North American markets. Elad Canada's high quality residential and commercial developments are principallylocated in the Montreal, Toronto and Ottawa areas, and include more than 12,000 residential units, many in newly created attractive neighborhoods, and over 6000000 square feet (557,418.2 m²) of commercial, retail and industrial space. Elad National has a growing presence in Florida, Texas, Maryland, North Carolina, South Carolina, Georgia, Michigan, Illinois, Indiana and Massachusetts. Its assets, valued at $1.4 billion, include over 10,000 luxury units and 1000000 square feet (92,903 m²) of commercial and retail space, with a major focus in 10 Florida resort communities.
Far East
ElAd Group runs several joint ventures with local companies in India and Singapore. In 2007, Elad Far East was established via a partnership deal with China's Zeg Investments.Controversies
Elad's purchase of New York City's Plaza HotelPlaza Hotel
The Plaza Hotel in New York City is a landmark 20-story luxury hotel with a height of and length of that occupies the west side of Grand Army Plaza, from which it derives its name, and extends along Central Park South in Manhattan. Fifth Avenue extends along the east side of Grand Army Plaza...
caused great controversy in 2004. But as the hotel was readied for opening on March 1, 2008, The New York Times
The New York Times
The New York Times is an American daily newspaper founded and continuously published in New York City since 1851. The New York Times has won 106 Pulitzer Prizes, the most of any news organization...
observed, Tshuva and Peter Ward, president of the New York's hotel workers' union, had reconciled their differences: "It was a big change from early 2005, when Mr. Ward vowed to block Mr. Tshuva's plans to convert most of the hotel into luxury condos and reconfigure some of its Edwardian public spaces into upscale shops, moves he contended would force union members out of work".
On May 15, 2007, the company announced plans to purchase the New Frontier Hotel and Casino
New Frontier Hotel and Casino
The New Frontier was a hotel and casino located on the Las Vegas Strip that had operated continuously since October 30, 1942. Actually located within the unincorporated suburb of Paradise, Nevada, USA, it was the second resort that opened on the Las Vegas Strip. The Frontier closed its doors for...
on the Las Vegas Strip
Las Vegas Strip
The Las Vegas Strip is an approximately stretch of Las Vegas Boulevard in Clark County, Nevada; adjacent to, but outside the city limits of Las Vegas proper. The Strip lies within the unincorporated townships of Paradise and Winchester...
in Las Vegas, Nevada
Las Vegas, Nevada
Las Vegas is the most populous city in the U.S. state of Nevada and is also the county seat of Clark County, Nevada. Las Vegas is an internationally renowned major resort city for gambling, shopping, and fine dining. The city bills itself as The Entertainment Capital of the World, and is famous...
, with plans to raze the current structure and build a new resort to be branded as The Plaza Las Vegas
Las Vegas Plaza
The Las Vegas Plaza is the working name for a future $5 billion to $8 billion multi-use ultra-luxury hotel, private residences, retail and gaming complex to be developed on the Las Vegas Strip by ElAd Properties. Construction was scheduled to begin in early 2008 for completion in 2011, but no sign...
. It sold for a record $33 million per acre
Acre
The acre is a unit of area in a number of different systems, including the imperial and U.S. customary systems. The most commonly used acres today are the international acre and, in the United States, the survey acre. The most common use of the acre is to measure tracts of land.The acre is related...
. In April 2008, Elad Properties faced a lawsuit between itself and the New Frontier
New Frontier
The term New Frontier was used by Democratic presidential candidate John F. Kennedy in his acceptance speech in the 1960 United States presidential election to the Democratic National Convention at the Los Angeles Memorial Coliseum as the Democratic slogan to inspire America to support him...
owner. Las Vegas lawyer
Lawyer
A lawyer, according to Black's Law Dictionary, is "a person learned in the law; as an attorney, counsel or solicitor; a person who is practicing law." Law is the system of rules of conduct established by the sovereign government of a society to correct wrongs, maintain the stability of political...
Gene Porter of Porter and Bello Law Corporations was hired to mediate the dispute.
Holdings
- Plaza HotelPlaza HotelThe Plaza Hotel in New York City is a landmark 20-story luxury hotel with a height of and length of that occupies the west side of Grand Army Plaza, from which it derives its name, and extends along Central Park South in Manhattan. Fifth Avenue extends along the east side of Grand Army Plaza...
- O'Neill BuildingO'Neill BuildingThe O'Neill Building is a landmark former department store, located at 655 Sixth Avenue in New York City. It is owned by ElAd Properties. Built in 1887 by Hugh O'Neill, the building was converted into condominiums in 2005.-External links:*...
- The Grand MadisonThe Grand MadisonThe Grand Madison, originally the Brunswick Building, is a landmarked historic building located at 225 Fifth Avenue in New York City, on 26th Street between Fifth Avenue and Madison Avenue, on the north side of Madison Square Park...
- 21 Astor Place
- The Link REITThe Link REITThe Link REIT is one of the world's largest REITs, or real estate investment trusts with assets of around US$3.3 billion....
- New Frontier Hotel and CasinoNew Frontier Hotel and CasinoThe New Frontier was a hotel and casino located on the Las Vegas Strip that had operated continuously since October 30, 1942. Actually located within the unincorporated suburb of Paradise, Nevada, USA, it was the second resort that opened on the Las Vegas Strip. The Frontier closed its doors for...
- Metropolitan Life Insurance Company TowerMetropolitan Life Insurance Company TowerThe Metropolitan Life Insurance Company Tower, also known as the Metropolitan Life Tower or Met Life Tower, is a landmark skyscraper located on East 23rd Street between Madison Avenue and Park Avenue South, off of Madison Square Park. in the borough of Manhattan in New York City...
Delek also operates gas stations and has interests in car dealerships, cable television, insurance and energy companies.
External links
- ElAd Properties web site
- ElAd Group Florida
- NYTimes Article
- NY Daily News links
- On the Plaza Hotel in NYC
- The Forward: Israelis in NY real estate; links with Lev Leviev
- Gabrielle Brikner, "Middle East Investors Buying Into New York" The New York Sun, July 12, 2007