Canadian billionaire buys historic Tel Aviv building

The Neffrastag House at 48 Rothschild Boulevard was built in 1933.

Canadian billionaire Gerry Schwartz has bought the Neffrastag House at 48 Rothschild Boulevard in Tel Aviv for NIS 28 million from a group headed by Doron Aviv. The building, built in 1933, is slated for preservation.

Doron Aviv heads the real estate developer Aviv & Company. The group purchased the building from Arcadi Gaydamak six weeks ago as part of sale of the Zim lot at 22 Rothschild Boulevard for NIS 136 million.

Neffrastag House was designed by architect Pinchas Hutt. The 1,000-square meter two storey building has nine apartments. The building is next door to the Sotheby's office in Tel Aviv, which Schwartz bought for $8.5 million a year ago, and where he carries out his philanthropic activities and the Heseg Foundation, which supports single soldiers and provides them with housing grants.

Sources inform ''Globes'' that Schwartz is now renovating Beit Neffrastag for NIS 20 million and furnishing it with top quality Canadian furniture.

Schwartz is one of Canada's wealthiest Jews. He founded Onyx Corporation (TSX: ONXC), which has a market cap of $2 billion.

Published by Globes [online], Israel business news - www.globes-online.com - on August 13, 2008

© Copyright of Globes Publisher Itonut (1983) Ltd. 2008

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