The receiver of the Beit Mapai lot, valued at NIS 130 million, on Jaffa Road will seek contractors to buy the land and build on it.
A prestigious land reserve, valued at NIS 130 million, in downtown Jerusalem is up for sale by the receiver of bankrupt developer Sasson Levy. The 3.5-dunam (0.975-acre) lot, known as Beit Mapai, is located along Raoul Wallenberg Street, between Jaffa Road and Haneviim Street. The lot includes a building slated for preservation, which is currently occupied by Mercantile Discount Bank.
For 20 years, Levy and Shikun & Binui Holdings Ltd. (TASE: SKBN) sought to develop the lot, which now has an approved building plan for a 24-storey residential building with 80 apartments and 4,000-square meter eight-storey office building, for a total of 43,000 square meters of built-up space. Levy was declared bankrupt after accumulating NIS 150-200 million in debt.
The receiver will ask the Jerusalem District Court to allow the receipt of offers from contractors for the sale of the land and begin construction of the project.
Published by Globes [online], Israel business news - www.globes-online.com - on May 19, 2013
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