The price for the 815-sq.m. triplex at 46 Frishman St. is one of the highest in Israel.
A foreign resident from a Western European country has exercised his option to buy the rooftop triplex at the Frishman 46 project in Tel Aviv for NIS 71 million. The 815-square meter triplex, on the building's 28th through 30th floors, has a 240-square meter balcony, five parking spaces, and three storerooms. The price per square meter of NIS 76,000 is one of the highest in Israel, even though the buyer purchased the property in shell condition.
The developer, Euro Sat Investments Ltd. (TASE:ERST) bought the property - known as "the pit" - at the corner of Frishman Street and Dizengoff Street from the receiver three and a half years ago. The company is now building the high-rise and expects occupancy in two years.
The buyer signed an option to buy the apartment last month, and deposited $10 million with a trustee to guarantee the terms of the deal, to buy the apartment for $22 million. By exercising the option by the deadline, he won a NIS 10 million discount on the price.
Published by Globes [online], Israel business news - www.globes-online.com - on May 16, 2010
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