Jewish-Argentine businessman buys Buenos Aires building for $68M

The building, known as Edificio del Plata, is located on the main avenue in the financial center of Buenos Aires.

Elsztain, 56, is the controlling shareholder of Israeli IDB Holding Corp., which owns Israel’s Cellcom communications company and Supersol chain of supermarkets. He personally took part in Wednesday`s bid for the building, which started at a base price of $42 million. The bidding was between three groups of investors.

Edificio del Plata will house the main office of Argentine mortgage lender Banco Hipotecario of which Elsztain is the controlling shareholder.

Elszstain is chairman and chief executive of IRSA, Argentina’s largest real estate company, which manages the largest shopping malls in Buenos Aires. He acquired IDB Holding Corp. two years ago, after Israeli businessman Nochi Dankner lost control of the company in a debt bailout.

Elszstain has supported Chabad social programs and Jewish youth-related projects in Argentina. He is chair of the Business Advisory Council of the World Jewish Congress, and a member of the WJC Steering Committee.

The WJC identified Elszstain as an “unofficial ambassador for Argentina during the economic crisis, working with the World Jewish Congress in attempting to raise the issue of Argentinean economic reconstruction in international economic and financial institutions.”Between 1947 and 1962, the Edificio del Plata was built on the site of the Mercado del Plata, the first covered wholesale supply market in Buenos Aires, and used by the government. Payment for the building and its transfer to Elsztain could take up to a year.