Sapir Corp.’s CEO Baruch Itzhak is leaving the Israeli company.
Itzhak will resign effective May 20, according to a document filed with the Tel Aviv Stock Exchange. He is joining the Property & Building Corp. as CFO, he confirmed. PBC is one of the top real estate companies in Israel, according to its website. Its U.S. subsidiary — run by Eli Elefant — owns the iconic HSBC Tower at 452 Fifth Avenue in Manhattan.
Itzhak worked for Sapir Corp. beginning in June 2018, according to a spokesperson.
In a statement, Alex Sapir, chairman of Sapir Corp., wished Itzhak and his family “a smooth relocation back to Israel and success in the future” and said that the company is in talks with potential successors.
Sapir Corp. owns properties in Miami and New York City. The company, which is publicly traded in Israel, recently announced a sales team for Arte by Antonio Citterio, a boutique luxury condo project in Surfside, Florida. Sapir has only sold three units at the project, two of which were to his mother and sister, and the third that sold to his business partner, Gerard Guez. Along with its Chinese partners, Sapir Corp. also owns a 1.47-acre development site north of downtown Miami that the partnership is looking to sell. That property is in an Opportunity Zone.
In December, Sapir Corp. reported third quarter net losses of 18.28 million shekels, the equivalent of $5.26 million. The company’s NoMo Soho hotel at 9 Crosby Street in New York reported net operating income of $4.2 million for the nine-month period ending on Sept. 30, which marked a 28.6 percent annual decline in income compared to the same period in 2018.
Correction: An earlier version of this story incorrectly identified Itzhak’s title.