Cohan Properties

Foreign real estate firms issuing bonds in Tel Aviv face major turbulence as Cohan Properties shifts ownership to creditor Netanel Lorenzi amid fund misuse, while Aya New York moves to refinance.

A creditor has seized control of American real estate firm Cohan Properties after its CEO misused millions in company funds. The takeover follows failed bond issues and regulatory scrutiny.

An internal audit at Cohan Properties revealed that CEO Mike Cohan used millions of dollars in company funds for private assets. Despite claims of repayment, the outstanding debt stands at approximately $3.8 million as of July 29.