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1221 BRICKELL BUILDING ACQUIRED BY NEW YORK-BASED ASSET MANAGEMENT COMPANY

 MIAMI, Oct. 5 /PRNewswire/ -- Brickell Equities Corporation Ltd. has acquired the 395,000-square-foot, 26-story, 1221 Brickell Building, announced Amos Kaminski, president of A.F.A. Asset Services, Inc., a New York-based asset management company that acted as consultant and financial advisor to Brickell Equities Corporation.
 The purchase of the building, a landmark property in Miami, was affected through the consummation of the First Amended Unified Plan of Reorganization of Ameriswiss Associates, under Chapter 11 of the bankruptcy code.
 The plan was agreed to by the building's original developers, Ameriswiss Associates, a partnership controlled by members of the Adler family, as well as Brickell Equities Corporation and Sherry Frankel as trustee, the holder of the first mortgage.
 Brickell Equities Corporation is owned by Gesfid, S.A., of Lugano, Switzerland, an investment banking and asset management company.
 A.F.A. will provide supervisory and financial services to Brickell Equities Corporation, serving as the building's indigenous surrogate owners. A.F.A. also provides such services to Brickell Bay Office Tower, and was instrumental in the acquisition of that property, which like 1221, is a class-A, Brickell Avenue highrise.
 A.F.A. Asset Services, Inc., acts on behalf of offshore institutional investors as a surrogate owner in the purchasing and management supervision of properties.
 -0- 10/5/93
 /CONTACT: Israel Kreps of Kreps & Associates, 305-663-3543, for A.F.A. Asset Services/


CO: Brickell Equities Corporation; A.F.A. Asset Services, Inc. ST: Florida IN: SU:

JV-AW -- FL011 -- 9049 10/05/93 16:38 EDT
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Publication:PR Newswire
Date:Oct 5, 1993
Words:250
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