The lot is valued at $35 million. Kahn's Crescent Heights recently bought the Elite compound in Ramat Gan for $44 million.
Sources inform ''Globes'' that Crescent Heights of America, owned by billionaire Sonny Kahn, is in advanced negotiations to buy a five-dunam (1.25-acre) lot, zoned for a 45-storey high-rise, for $35 million. The lot is next to the Recital Hall on Menachem Begin Rd. in Tel Aviv. Sources said the sellers have given Crescent Heights an option to buy the lot, subject to the settling of engineering restrictions related to the building permit.
The Recital Hall lot is located in the northern section of the Tel Aviv central business district between the Arlozorov train station in the north and Shalom train station in the south, and between the Ayalon Highway to the east and Menachem Begin Rd. to the west. The Tel Aviv light railway Red Line is due to run through the area.
Crescent Heights is riding the wave of construction of luxury apartments in high-tech areas in Israel, in the belief that these areas will attract many young couples wanting to live close to their workplaces. For this reason, the company recently bought the Elite lot in Ramat Gan for $44 million. The company plans to build a 73,000-sq.m. 60-storey luxury residential and office high-rise together with Donald Trump, to be called Trump Plaza Tower. Apartments will cost about $1 million each.
Published by Globes [online], Israel business news - www.globes.co.il - on May 14, 2006
© Copyright of Globes Publisher Itonut (1983) Ltd. 2006