They will build a Haredi Neighborhood with 2,800 apartments.
Brothers Abraham and Meir Reis from New York have continued their buying binge. This time, they bought land for 800 apartments, at $13,000 for each apartment, from a moshav near Beit Shemesh. The deal amounted to $10.5 million. Bank Tefahot is providing financial coverage.
The Reis Brothers, among the largest land buyers in the recent past, outbid Hefziba and other Jerusalem construction companies. Hefziba, owned by Mordechai Yona, offered $10,500 for each unit.
The Reis Brothers plan to increase the building rights on the land to 1,300 apartments, which together with an adjacent lot, will comprise a neighborhood for Haredi (ultra-orthodox) Jews, with 2,800 apartments. This will be one of the largest Haredi neighborhoods in Israel.