The compound is zoned for 192 apartments in four high-rises.
America Israel Investments has bought half of the site of Hapoal Petah Tikva’s old football stadium from Amos Luzon for $4 million. “Globes” reported on the negotiations at the time.
The compound is zoned for 192 apartments in four high-rises: one 20-storey building with 80 apartments, and three nine-storey buildings. The project’s cornerstone will be laid on Wednesday, and marketing will begin immediately, at $40,000-50,000 per room. Bank Hapoalim will provide financial coverage. Ambassador Realty will market the apartments, receiving a 1% commission on the proceeds. Margolin Brothers Engineering and Consulting will supervise the project.
Luzon bought the property from the Histadrut in 1997 for $7 million . He will not post a capital gain from the sale to America Israel, since he paid betterment taxes and financing expenses in the interim.
Published by Globes [online] - www.globes.co.il - on January 19, 2003