Leviev Boymelgreen, a developer, which bought large swaths of downtown Miami property, is ready to cut its holdings nearly in half. Africa Israel, a publicly traded Tel Aviv conglomerate that owns a majority stake in Leviev Boymelgreen, announced the proposed sale of about 7 acres of downtown Miami land for $89 million. The company has been beset by construction delays, management turnover and a constant reshuffling of brokerage companies that sell its condo units.

On the other hand, Andrew B. Hellinger, who became Leviev Boymelgreen's director of Florida operations in March, declined comment. Real estate investor Hank Sopher, who has partnered with and sold land to Leviev Boymelgreen, said he has a small stake in the investor group buying the property.

During the recent real estate boom, developers have aggressively purchased land in Park West, a largely blighted area pinched between Miami's central business district and the Performing Arts Center, blocks from Biscayne Bay and Bayfront Park. Roberts purchased the 1.8 acres in Park West that Leviev Boymelgreen sold in March. Leviev Boymelgreen has projects in Miami, New York, Toronto and Las Vegas. A bankruptcy attorney, Hellinger had no experience running a real estate development company.

By M. Sese
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