The building will be leased.
Caesarea Property and Recreation has acquired the Jaffa Court (Hutzot Yaffo) commercial and residential project on Jerusalem Blvd. in Jaffa from Crystal for $11 million. Albert Nassimi of Italy owns Caesarea Property. The Michaeli family of the US controls Jaffa Court.
The project includes 62 unsold apartments, 2,000 sq.m. of unsold commercial space, an unsold 1,200 sq.m. commercial basement, and a public parking lot with 360 spaces that is leased and in operation. The deal is subject to approval of Jaffa Court special administrator Aviv Zilberstein and Israel Discount Bank, which provided financing for the project.
Caesarea Property plans to have the building rezoned, and lease some of the apartments at $450-750 per month.
Published by Globes [online] - www.globes.co.il - on January 5, 2003