(Nasdaq:AMPL) today announced the sale of its interest in a building located at 800 Second Avenue in New York City for $33 million.
Ampal has been selling its real estate interests to better focus on its hi-tech and communications holdings.
Ampal will consequently be posting a pre-tax gain of approximately $8 million in the first quarter of 2001.
One of the company's most important holdings is in Mirs (25%), which recently received a permit making it Israel's fourth cellular communications provider.
UBS Warburg analyst Steven Levy recently write that Ampal excels in choosing companies that have proved themselves over time.