Herzliya Pituach
In the past two weeks, Balentine Investments has started selling 43 apartments in the Daniel Hotel in Herzliya Pituach which it bought 15 months ago from the heirs of Leon Taman for $22 million. The apartment sales should generate $8 million, enough to cover 65% of the $12 million cost of renovating the hotel. 8 apartments have already been sold.
The apartments are being sold according to a new method. The two buildings of the Daniel Hotel were split into 538 units, each of which is separately registered in the land registry. This includes 380 rooms and other units of the hotel such as stores, restaurants, parking areas, and the health club. Each unit for sale is a 32 sq. m suite, being offered at $160 - 200,000 (according to location) plus VAT.
Balentine has agreed to provide a 20 year loan from Mishkan Bank for up to 70% of the price. Concurrent with signing the purchase agreement, the buyers sign a 10 year lease agreement with Daniel Towers. Rents are calculated to cover the loan, interest and index-linkage. There is also an options to renew the rental agreement for an additional 10 years.
Jerusalem
A Jerusalem businessman recently bought a three floor, 350 sq. m house in the old Beit Hakerem neighborhood, paying a record $1.5 million. The building has several apartments which the buyer intends on unifying into one villa.
Anglo Saxon has reported to "Globes" the following transactions for luxury apartments:
A foreign investor has bought a luxurious 5-room, 185 sq. m, apartment in Beit Academia, Talbieh for $1.25 milion.
Minrav sold two penthouses to two lawyers near the Israel Museum for $850,000 each.
A US investor has bought a 6-room villa in Beit HaKerem for $620,000. In the same neighborhood a 4.5-room apartment sold for $435,000.
A 160 sq. m cottage in Pisgat Zeev sold for $330,000. A 3.5-room apartment sold for $176,000. A 3-room apartment sold for $153,000. A 2-room apartment sold for $122,000.
Rishon Le Zion
During March, Rubinstein sold 19 apartments in its protected residential-housing project "Ahuzat Rishonim", in west Rishon LeZion. The sales generated $3.8 million. A 2-room, 47 sq. m apartment sells for $141,000 according to its deposit method. The price of 3-room apartments was not disclosed. To date, the company has sold 150 of 321 units in the project.
Ashdod
Contractor Aryeh Baranowitz sold two 130 sq. m cottages in Ashdod’s Yud district for $185-187,000. Contractor Eliav sold 5-room apartments in the City district for $194,000, and a 4.5-room apartment in the same district for $177,000.
Africa-Israel Sold 187 Apartments in First Quarter
Africa Israel sold 187 apartments during the first three months of the year, according to company general manager Avigdor Kaplan. According to these figures, the company takes third place in apartment sales after Shikun Ovdim and Shikun u’Pituach. The company is selling apartments at 16 sites, mainly in central Israel. Kaplan also said that Africa-Israel sold 800 apartments in 1996, as compared to 740 in 1995.