A foreign resident has bought an apartment in the Rothschild 10 tower in Tel Aviv for NIS 47 million. The Rothschild 10 tower is being developed by Tidhar, Weiss Group and Ziv Aviram and the latest deal consolidates the project's status as one of the most luxurious, exclusive and expensive in Israel.
The apartment that has been purchased is 320 square meters in size, with a 25 square meter balcony, and covers half of the 34th floor of the 44-floor building at the corner of Rothschild Boulevard and Herzl Street. The project also has an urban renewal aspect by including the renovation of five surrounding buildings from the early 20th century, which are slated for preservation. The building form part of Ahuzat Bayit, the original Tel Aviv neighborhood built around Herzl, Yehuda Halevi and Ahad Ha'am Streets.
The Rothschild 10 tower will be a mixed use development with commercial space on the ground floor, a hotel on the lower floors, and 55 luxury apartments on the higher floors. Several of the apartments have already been sold, according to the Israel Tax Authority website, including a 154 square meter apartment on the 28th floor for NIS 21.1 million and a 170 square meter apartment on the 26th floor for NIS 24.8 million.
Deals have been completed at a price of NIS 140,000 per square meter - one of the highest amounts per square meter in the country - and similar to prices in other mega-luxury projects in Tel Aviv such as the Mandarin Oriental, opposite the Dolphinarium beach. In other nearby luxury project apartments sell for 'just' NIS 80,000-100,000 per square meter.
This (the prices) are no coincidence," says real estate agent Oren Katz who completed the Rothschild 10 deal. "This is a mega-luxury project with rate finishing and specifications and people that can pay these prices prefer to pay more and buy apartments in the project."
Last year the developers signed an agreement with the luxury Six Senses hotel chain, which will manage the hotel that will be established in the Rothschild 10 tower.
The developers have invested an estimated NIS 1 billion in the project. Tidhar and Weiss Group bought the land from the original owners and in 2020 they were joined by Mobileye cofounder and former CEO Ziv Aviram.
Published by Globes, Israel business news - en.globes.co.il - on September 9, 2024.
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