The Florentin Tower in south Tel Aviv is owned by the financially-troubled Noga Real Estate.
United Mizrahi Bank (TASE: MZRH) has signed a contract to fully finance construction of the Florentin Tower in south Tel Aviv for $10 million. The contract makes the project to build a 162-small apartment project one of the safest for buyers. Florentin Tower will cost $25 million altogether, including land.
Noga Real Estate owns Florentin Tower, at 62 Ha'aliya St., Tel Aviv. The company fell into financial trouble last year, and the Tel Aviv District court appoint a receiver for the company's assets and a trustee for the Florentin Tower project.
Noga Real Estate had already sold 100 two-room apartments in the project at an average price of $110,000. Construction was halted after Noga Real Estate fell into difficulties, but was recently resumed. The chief contractor is Ganden-IDB subsidiary El Har Engineering and Building.
The developers promise to deliver the apartments within a year. 80 buyers stated they would keep their contracts, while 20 cancelled their purchases, and received their money back.
Published by Globes [online] - www.globes.co.il - on September 7, 2003