Foreign resident buys Tel Aviv home for NIS 44m

Rothschild 1
Rothschild 1

Adv. Dori Klagsbald has sold his Rothschild 1 apartment for double the amount he paid in 2008.

Adv. Dori Klagsbald recently sold his net 550-sq.m. 13th floor apartment in the prestigious Rothschild 1 Tower in Tel Aviv to a foreign resident for NIS 44 million. Klagsbald bought the apartment, with its sea view and three patios, in 2008, before it was built, from Habas HZ Investments Ltd. (TASE: HABS), which constructed the tower,

Klagsbald himself lives with his wife, Yael Tevet in Kfar Shmaryahu, and the luxury apartment in the tower, designed by architect Pitsou Kedem, has never been occupied. It is believed that Klagsbald made a handsome profit on the current deal. When the tower was marketed in 2008, apartment prices in the tower averaged $10,000-12,000 per sq.m., while the current average price per sq.m. is double that.

Klagsbald's sale of his apartment follows former Bank Hapoalim (TASE: POLI) chairman Shlomo Nehama's recent sale of his apartment in the tower for NIS 45 million. Owners of apartments in the tower, most of whom bought them in 2008, include businessman Idan Ofer and businesswomen Leora Ofer (his cousin), former Bank Hapoalim CEO Zvi Ziv, Fox-Wizel Ltd. (TASE: FOX) chairman Harel Wizel, former Electra Ltd. (TASE: ELTR) CEO and former Azrieli Group Ltd. (TASE: AZRG) CEO Shlomo Sherf, Colmobil chairman Dr. Shmuel Harlap, Jacob Shahar (owner of auto importer Mayer's Cars and Trucks), Saki Arnon (former wife of the late Adv. Yigal Arnon), and Apax Partners founder Sir Ronald Cohen, who is believed to be behind, together with a group of investors, the recent acquisition of the dolphinarium site from Josef Buchmann for NIS 200 million.

In 2010, Iscar Ltd. chairman Eitan Wertheimer, son of industrialist Stef Wertheimer, purchased an apartment covering all 800 sq.m. of the 29th floor of the tower, and billionaire Patrick Drahi, the controlling shareholder in Hot Telecommunication Systems Ltd. (TASE: HOT.B1), joined the list of those who have purchased an apartment in the tower.

The tower, located at the western end of Rothschild Blvd. on the outskirts of the Neve Tzedek neighborhood , is considered one of the most prestigious residential towers in Israel. Marketing of the 32-storey tower, which has only 37 apartments, began in the summer of 2007 and ended in late 2010. The tower, built by Habas HZ, owned by Herzl Habas, which has become an icon of prestige in Tel Aviv, constitutes a successful continuation of the YOO towers built by Habas HZ in Zameret Park, which has also become a symbol of prestige. The profits made by Habas HZ from these two projects, however, did not enable the company to avoid liquidation proceedings, due to economic difficulties.

Klagsbald heads the Dr. A. Klagsbald & Co. law firm, which he founded in 2007. The firm, which specializes in civil litigation and criminal law, has represented senior public figures, such as Prime Minister Benjamin Netanyahu before the Terkel Commission in its investigation into the Gaza flotilla affair and General Yoav Galant in proceedings before the State Comptroller and Attorney General relating to the appointment of the IDF chief of staff.

Klagsbald has also represented commercial companies in the antitrust field and while collar crime. He is a former partner in a law firm with Adv. Yoram Danziger, later appointed a Supreme Court justice. In late 2006, Klagsbald served 13 months in prison, after hitting and fatally injuring a mother and her son with his car on Namir Rd.

Published by Globes [online], Israel business news - www.globes-online.com - on March 11, 2015

© Copyright of Globes Publisher Itonut (1983) Ltd. 2015

Rothschild 1
Rothschild 1
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