Court approves NIS 250m sale of Tel Aviv seafront lot

Lot for sale in Yarkon Street Photo: Shlomi Yosef

One of the country's most expensive lots is zoned for construction of a 15-storey tower.

The Tel Aviv Magistrates Court has approved the sale of one of the most expensive lots in Israel at 7 Hayarkon Street on Tel Aviv seafront to a company owned by Yossi Avrahami for NIS 250 million. Adv. Itay Hass, head of the insolvency department at the Agmon & Co. Rosenberg Hacohen & Co. law firm, was in charge of the sale proceeding, after having been appointed the receiver for the lot.

The 6.4-dunam (1.6-acre) lot, which is bordered by Hayarkon Street on the east, Daniel Street on the south, and Herbert Samuel Street on the west, is one of two lots zoned for construction of two towers. Ofer Investments built the 10 Herbert Samuel residential tower on the western lot. Nothing has yet been built on the eastern lot because the large number of private owners failed to reach agreement on how to utilize their rights in the lot. There is an approved urban building plan for construction of a 15-storey residential tower with 70 apartments and 10,000 square meters in main space and service space.

The lot was appraised at NIS 250-300 million in 2018. In his decision to appoint a receiver, Tel Aviv Magistrates Court Judge Amit Yariv ruled that Hass would seek an opinion from a licensed appraiser, who would determine the price for all of the rights in the lot. Yariv also ruled that if the price of the lot was in the NIS 150-300 million range, the receiver's fee would be 0.75% of this fee.

Published by Globes, Israel business news - en.globes.co.il - on October 15, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

Lot for sale in Yarkon Street Photo: Shlomi Yosef
Lot for sale in Yarkon Street Photo: Shlomi Yosef
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