"The idea will be that people will buy apartments without parking and will be happy with this."
"The whole concept of parking in Tel Aviv will disappear. Every parking lot in the city is already slated for a high-rise. In cities such as New York, when you buy an apartment, you don’t expect it to come with parking. The idea will be that people will buy apartments without parking and will be happy with this," says Berggruen Residential Ltd. (TASE:BRGN.B1) general manager Yigal Zemah.
Zemah made the comment during the launch of the company's preservation and renovation project of eight buildings in the Nahalat Binyamin area in Tel Aviv. Berggruen Residential bought the properties from Redland and Faberton Ltd. for $50 million in July 2007.
Despite the prediction, Zemach said that Berggruen would rent parking spaces in a nearby parking garage for the project's residents. The company is investing tens of millions of dollars in renovating Beit Amudim at 12-18 Rambam St., the Lords House at 15 Rambam St., and Beit Tamar at Nahalat Binyamin St. All the properties were built in the 1920 as single family residences and were eventually taken over as businesses.
Published by Globes [online], Israel business news - www.globes-online.com - on July 13, 2008
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