No buyers for Israel's most expensive apartment

A $50 million penthouse in the Meier on Rothschild tower in Tel Aviv is still unsold after nearly two years on the market.

There are still no buyers for the $50 million penthouse in Tel Aviv's Meier on Rothschild tower, nearly two years after the developers, Berggruen Residential Ltd. (TASE:BRGN.B1) and Hagag Group Real Estate Development Ltd. (TASE: HGG) put it on the market. The "Palace in the Sky" is a 1,418-square meter penthouse on the 38th and 39th floors of the 42-story building.

Construction of the 180-meter Meier on Rothschild tower, designed by Pritzker Prize-winning architect Richard Meier, began in 2006, and is due to be completed in 2014. The developers say that 65% of the building's 141 apartments have already been sold. Two other penthouses are also still up for sale: the 728-square meter "Royal Penthouse", and the 607-square meter "Rothschild Summit"

Prices in the building range for NIS 5 million for a two-floor apartment on the first floor to NIS 90 million for apartments on higher floors. The great-grandson of the Baron Rothschild bought an apartment for NIS 60 million.

Published by Globes [online], Israel business news - - on February 28, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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