Israeli diamantaire purchased the NY Times building for $525 million

Lev Leviev's company, Africa Israel Investments Ltd., purchased the New York Times Building for $525 million, according to reports.

The building was bought by Tishman Speyer Properties, the real estate developer in 2004 for $175 who sold the building to African Israel Investmnets.

The compant further plans to reneovate the 750,000-sq-ft, 15-storey building, in order to rent it out to corporate and retail.

The historic New York Times building, located at 229 West 43rd Street, opened in 1913 and once housed the newspaper’s printing presses.