Gindi Holdings, owned by Adv. Lital Gindi-Matalon, Avi Gindi and Adv. Guy Gindi has bought Tel Aviv’s Hashoftim lot, at the corner of Shaul Hamelech Street and Ibn Gvirol St. from Ashdar Building Co. Ltd. and Sahar Development & Investments Ltd. (TASE:SAIN-M) for $17 million. Gindi Holdings is taking the place of Gemolab Real Estate Ltd., which obtained an option to buy the lot through a buyers consortium in October 2005.
The Hashoftim lot is zoned for a 25-storey high-rise with apartments of 120-220 sq.m. each. Gemolab has already marketed 40 apartments, 60% of the project’s total units. Gemolab CEO Avi Horesh said, “The apartment buyers include managers of public and financial companies, senior doctors, jurists and a group of Jewish bankers from Zurich, who bought them for personal use.”
The high-rise will be located within walking distance of Tel Aviv’s cultural centers, including Habima Theater, the Mann Auditorium, Tel Aviv Museum, the Opera House and the Golda Center. Gemolab is marketing three-room apartments at $3,500-4,300 per sq.m., and four-room apartments at $3,500-4,700 per sq.m. Total proceeds from the project are estimated at $50 million.
The Hashoftim lot has been at the center of longstanding disputes. Ashdar and Sahar Development bought the lot in equal shares ten years ago from the National Insurance Institute for a then-record $8.1 million. They planned to build the luxury high-rise themselves last year, but apparently decided it was more worthwhile to sell the lot.
Published by Globes [online], Israel business news - www.globes.co.il - on April 6, 2006
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