Ampal American Israel Corporation

(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.

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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.