The Israeli operators behind New York's trophy real estate. Ofer, Tshuva, Barnett, Feldman, Sapir, Naftali, Gindi, Witkoff, Rosen — plus the TASE bond market channel that financed a decade of US property.
By Olam Editorial · Edited Aug 13, 2026
Part of: The Communities That Built Israeli Industry · Israeli Capital Abroad
Manhattan has been the single largest foreign destination for Israeli private real estate capital for twenty years. The visible top of the market — trophy residential, supertall condominium, hotel conversion — was built substantially by Israeli-controlled or Israeli-partnered platforms. Underneath it, a Tel Aviv bond market that issued the equivalent of tens of billions of shekels against US property portfolios materially widened the channel by which Israeli capital touched New York property, well beyond direct ownership.
The scale is worth stating directly. At the peak of the 2013–2019 cycle, Israeli-controlled or Israeli-partnered platforms held equity or development positions in properties representing tens of billions of dollars in aggregate New York real estate value — spanning trophy condominiums on Billionaires' Row, landmark hotel conversions, ground-up residential across Brooklyn and Manhattan, commercial office repositioning, and retail portfolios along Fifth Avenue and lower Broadway.
This is the roster.
THE SHAPE OF THE MARKET
Two decades of capital flow. Two visible channels: direct ownership platforms and Tel Aviv bond market issuance against US property.
Trophy transactions: Plaza Hotel $675M (2004) · 15 Central Park West sellout ~$2B · One57 sellout ~$3B · Central Park Tower sellout ~$4B · One Wall Street $1.5B redevelopment · The XI High Line · 111 Murray Street · Seagram Building
Cumulative TASE bond issuance against US property portfolios over the 2013–2019 peak: ~₪30–40 billion across roughly two dozen issuers.
Structural feature: long-hold orientation, family-office capital pools, opportunistic posture during distressed cycles.
Global Holdings — Eyal Ofer
Eyal Ofer's Global Holdings is the largest single Israeli-origin owner of New York trophy real estate. Sunday Times Rich List 2026 estimates the Ofer family fortune at $33.6 billion. Manhattan portfolio has included 50 United Nations Plaza, 200 Riverside Boulevard, and participation in 15 Central Park West — the ~$2 billion Robert A.M. Stern-designed condominium sellout that reset the Manhattan luxury benchmark in 2008. Long-hold thesis. Among the largest single private owners of Manhattan luxury residential.
The Ofer operating model is distinctive. Unlike the developer-operators who build and sell, Global Holdings acquires and holds. The portfolio is structured for inter-generational wealth preservation rather than development-cycle returns.
Elad Group — Yitzhak Tshuva
Yitzhak Tshuva's 2004 acquisition of the Plaza Hotel through Elad Properties at $675 million was the defining hospitality transaction of the decade. The subsequent mixed-use conversion became the template that later luxury hotel conversions across Manhattan followed. Delek Group, Tshuva's Israeli operating anchor, sits behind the Tamar and Leviathan offshore gas fields.
Extell Development — Gary Barnett
Gary Barnett founded Extell Development Company. Anchor projects: One57 (~$3 billion sellout), Central Park Tower (~1,550 feet, tallest primarily residential building in the world, ~$4 billion sellout), and the International Gem Tower. Extell issued TASE-listed bonds against portions of its US portfolio through the 2010s.
HFZ Capital Group — Ziel Feldman
Ziel Feldman built HFZ Capital Group into one of the most active Manhattan development platforms across the 2010s. Anchor project: The XI twin-tower High Line development. Platform restructured following 2020–2022 financial pressure.
Sapir Organization — Sapir family
Tamir Sapir's Sapir Organization held anchor positions on lower Broadway and a 2006 partnership stake in 11 Madison Avenue, subsequently sold to SL Green at approximately $2.6 billion. Continued by Alex Sapir including Miami development.
Naftali Group — Miki Naftali
Miki Naftali, formerly of Elad Group during the Plaza Hotel era, founded Naftali Group in 2011. One of the most active Israeli-led residential pipelines across Manhattan and Brooklyn.
Gindi family
The Gindi family operates Century 21 Stores and anchored the One Wall Street conversion — the ~$1.5 billion, 566-unit office-to-residential redevelopment, the largest ever completed in New York.
Falic family
The Falic family of Duty Free Americas operates New York and Miami real estate alongside travel retail.
Noam Gottesman and TOMS Capital
Noam Gottesman co-founded GLG Partners (sold to Man Group ~$1.6B) and established TOMS Capital with active New York and London positions.
The deeper roster
Witkoff Group — Steven Witkoff
Steven Witkoff founded the Witkoff Group in 1997. Anchor project: 111 Murray Street. Appointed U.S. Special Envoy to the Middle East in 2025.
RFR Holding — Aby Rosen and Michael Fuchs
Aby Rosen and Michael Fuchs founded RFR Holding in 1991. Trophy portfolio: Seagram Building (375 Park Avenue), 285 Madison Avenue, Lever House.
Africa-Israel Investments — Lev Leviev
Lev Leviev's Africa-Israel Investments partnered with Boymelgreen on multiple Brooklyn and Manhattan projects in the mid-2000s. Severely stressed by the 2008 financial crisis; positions substantially restructured.
All Year Management — Yoel Goldman
Yoel Goldman's All Year Management was the largest single Israeli-connected multifamily platform in Brooklyn. Defaulted on approximately ₪3.2 billion in shekel-denominated bonds — the defining cautionary case study of the TASE-to-US-property channel.
Chera family — Crown Acquisitions
Syrian-Jewish New York. Crown Acquisitions with anchor Fifth Avenue retail positions. Multi-generational commercial retail platform.
Lightstone Group — David Lichtenstein
Founded 1988. Portfolio spans hospitality, residential, retail, and industrial. Extended Stay Hotels acquisition is the defining transaction.
Meridian Capital — Ralph Herzka
Meridian Capital Group is the largest independent commercial real estate mortgage broker in the United States. The flow layer that most Israeli-controlled New York property capital transits.
The institutional layer
Israel's Big Five insurers — Migdal, Harel, Phoenix, Clal, and Menora Mivtachim — each allocate portions of their pension and keren hishtalmut pools to US real estate. The aggregate Israeli institutional allocation to US property runs into the billions of dollars. This capital backstops the debt and equity structures the direct operators build on.
The Tel Aviv bond market channel
Peak years 2013–2019. Cumulative issuance against US property portfolios: ~₪30–40 billion across two dozen issuers including Extell, Related Companies, Chetrit Group, Delshah Capital, All Year Management, HAP Investments, and Gindi Capital. The 2020–2022 cycle forced defaults across All Year, Delshah, and related issuers. TASE tightened disclosure requirements. Channel remains functional at more selective volumes.
The current cycle
Israeli family capital, less leveraged than typical US private equity and operating with longer horizons, is positioned as an opportunistic buyer in trophy residential, mixed-use, and stabilised multifamily. New York is, and is likely to remain, the single largest foreign destination for Israeli private real estate capital.
Companions: The Suttons and the Quiet Dynasties · The Nakash Dynasty · Deal, New Jersey · The Communities That Built Israeli Industry · The Builders.
FAQ
Which Israeli developers have built the most in New York?
Gary Barnett (Extell), Eyal Ofer (Global Holdings), Miki Naftali (Naftali Group), Ziel Feldman (HFZ), and the Gindi family have each built substantial portfolios.
What is the TASE bond channel for US real estate?
Israeli and Jewish-American sponsors issued shekel-denominated bonds on the Tel Aviv Stock Exchange against US property portfolios. Cumulative issuance reached ~₪30–40 billion during 2013–2019.
