According to Crain’s Business Online, Africa Israel Investments (owned by Israeli diamantaire Lev Leviev) and Mann Realty have announced they have settled their differences over the landmark Apthorp apartments, now under the management of the Feil Organization.



In the aftermath of a public battle over control of the famed Apthorp apartment building that was almost defaulted, the owners claim that they have reached an agreement.



Africa Israel Investments and Mann Realty Associates bought the property in 2007 for $426 million in order to turn the landmark into a luxury condominium. Subsequently, with the softening of the market for high-end properties, the partnership became shaky.



Two project lenders threatened to place it in default if a loan imbalance wasn’t corrected. Lev Leviev, the billionaire Israeli diamond trader, sued Maurice Mann, president of Mann Realty, in order to force him into arbitration while attempting to remove him as the project’s manager. Diamond merchant Leviev alleged that Mr. Mann “through willful misconduct and/or gross negligence” failed to effectively manage the leasing and condo sales of the Upper West Side landmark.



The dispute was to be brought before a rabbinical court, but the two businessmen were unable to agree on one.



Subsequently, Mr. Mann eventually agreed to be replaced as manager by the Feil Organization.