Two Neve Tzedek apartments sold for NIS 41.5m

Harav Kuk project credit: Viewpoint
Harav Kuk project credit: Viewpoint

The companies also reported on a purchase request for an additional apartment in the Rav Kook project for NIS 48 million but it is impossible to assess the price per square meter in the deals.

Real estate companies Almogim Holdings (TASE: ALMA) and Gov Real Estate, which are building the luxury housing development in the Harav Kook Complex in Tel Aviv's Neve Tzedek neighborhood have reported selling the first two apartments in the project for an overall NIS 41.5 million.

The companies also reported on a purchase request for an additional apartment in the project for NIS 48 million. The deals, according to Almogim's report, reflect unusually high prices: NIS 140,000 per square meter in the two apartments that were sold, and NIS 170,000 per square meter in the apartment for which the purchase request was submitted. In practice, much information is missing from the report, raising many questions about the deals.

The Rav Kook complex, between Hemered, Eliezer Rokach and Ein Ya'akov streets, combines new construction and conservation work including preservation and restoration of Rabbi Kook's synagogue and Beit Midrash. The apartments will be on one level covering 4,000 square meters, and the investment in the project is estimated at NIS 330 million. The plan for the complex has changed several times, mainly in terms of the number of apartments that will be built and their size, which leads to uncertainty regarding the reported deals.

In the latest version, the project includes 18 apartments, although previously it was supposed to include 26 apartments, and according to this figure, it was estimated that the average size of the apartments would be 115 square meters. Earlier planning designated an area of only 70 square meters for these apartments on average, and depending on the situation, after a process of apartment consolidation promoted by the companies, it is difficult to know what the average apartment size is.

The size of the apartments sold was not disclosed by the companies, and apart from that, each apartment in the project also includes a yard or a balcony, but this figure also does not appear in the reports and was not received from the companies, so that the area of the apartment itself is not known. In such a situation, it is almost impossible to accurately assess the deal and understand the real price per square meter.

The brokers in the deal were Roie Kaner, Chaya Porat Chetrit, and Ido Levi, of Montefiore Real Estate Group.

Published by Globes, Israel business news - en.globes.co.il - on August 13, 2023.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2023.

Harav Kuk project credit: Viewpoint
Harav Kuk project credit: Viewpoint
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