Two buildings with strict conservation orders have been put up for sale in Tel Aviv. The two buildings the former Jerusalem Hotel and Keren restaurant of chef Haim Cohen are being sold by private developers including Vitania, Itzik Baruch's Yuvalim and Exit owned by Ron and Gal Belinkis and Guy Edri.
The estimated price tag for the two buildings is NIS 75-80 million. Buyers are required to bid before March 3 and offers are being handled by Adv. Ophir Keynan of the Tik, Gilad, Keynan, Blacharski Law Offices.
The two building for sale are part of four buildings in the Keren section of Tel Aviv owned by the development consortium. Two of the buildings have already been converted into exclusive homes and sold.
The two buildings currently for sale are the former Jerusalem Hotel at Auerbach 6 built in 1866 by the Drisco brothers and originally called the Grand Hotel. Built from stone, the building was one of the first hotels in the area outside of Jaffa. After a few years it was purchased by the German Templers and the name was changed to the Jerusalem Hotel. The 57-room hotel continued operating as a hotel until 1940 when it was confiscated by the British who made it into a military headquarters.
The second building for sale at Auerbach 4 is Akli Norton House built from wood and formally serving as the Keren restaurant of celebrated chef Haim Cohen.
The two buildings cover 2,500 square meters and are zoned for residential purposes are as a 44-room boutique hotel.
Exit bought the buildings in 2007 for NIS 50 million and sold a 50% stake to Vitania in 2009 and over the next two and a half years the building were renovated and converted to 44 units with an internal courtyard.
Tel Aviv's American Colony has undergone major renovation in the past few years with an investment from the Tel Aviv-Jaffa Municipality.
Published by Globes [online], Israel business news - www.globes-online.com - on February 11, 2016
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