search
Front > Real Estate

Sagi in advanced talks to buy Tel Aviv's Beit Lessin

Teddy Sagi
Teddy Sagi
19 Jan, 2015 18:15
שלח תגובה במיילShlomit Tsur

Teddy Sagi will reportedly pay NIS 268 million for the complex, which has building rights for a 27-floor residential high rise.

Israeli billionaire Teddy Sagi is continuing his real estate shopping spree in Tel Aviv. Sources inform "Globes" that the Teddy Sagi Group is in advanced talks with the Rahamim family and Azorim Investment, Development and Construction Ltd. (TASE: AZRM), which each own half the city's Beit Lessin complex, to buy the property for NIS 268 million. The complex, next to Tel Aviv's Kikar Hamedina, has building rights for a 27-floor residential high-rise with 8,800-sq.m of living space, as well as service areas and an underground car park. In 2000, the Histadrut sold the Beit Lessin complex to a group of private investors for $14.2 million. The complex at 30-34 Weizmann Street, includes two small buildings, Beit Lessin itself and Beit Hamlin, which have commercial and office space leased to a range of businesses including First International Bank of Israel (TASE: FTIN), Mizrahi Tefahot Bank (TASE:MZTF) and the Roladin cafe chain.

The plans drawn up by architect Moshe Tsur call for 83 apartments in the tower but market source believe that ultimately 59 larger apartments will be built.

Sagi Group, Azorim, and the Rahamim family all declined to comment on the report.

Published by Globes [online], Israel business news - www.globes-online.com - on January 19, 2015

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

Israeli apartments Credit: Shutterstock Apartments sold and rented

A selection of recent real estate deals in Israel in Tel Aviv, Holon, Rehovot, Kiryat Tivon, Shlomi and Beersheva.

Dano Ben-Hur credit: Dror Sithakol Statisticians contradict BoI on housing finance deals

The Central Bureau of Statistics insists the impact of 20/80 buy now pay later financing deals on the real estate market and housing prices is minimal.

Eilat's old airport Photo: Shutterstock Building set to begin on former Eilat airport land

2,469 housing units will be built as well as 2,776 hotel rooms, 88,000 square meters of office space and 95,000 square meters of commercial space.

Israeli apartments Credit: Shutterstock Apartments sold and rented

A selection of recent real estate deals in Israel in Givatayim, Ra'anana, Modiin-Maccabim-Reut, Gedera, Kiryat Shemona and Ashkelon.

Airbnb credit: Reuters Knesset ignores Airbnb tax evasion loophole

The Israel Hotels Association has slammed the government's indifference to tax evasion by Airbnb landlords, which it insists promotes unfair competition.

Sde Dov credit: Guy Yehieli Tenders close for 2,744 more homes in Sde Dov

Four tenders closed last month for the north Tel Aviv district saw a decrease of about 40% in the prices of land, and there is great interest in the prices these latest tenders will fetch.

Tel Aviv credit: Shutterstock Rent rises moderate due to emigration and reserve duty

Rents only rose 4% in 2024, the Bank of Israel reports, despite the large number of evacuees, due to the negative migration balance and the large number of young people in the army reserves.

Africa Israel Residence CEO Ronit Eshed Levy credit: Cadya Levy "Jewish communities want to move together to Jerusalem"

Africa Israel Residence CEO Ronit Eshed Levy told the Globes Going Long on Israel investment conference about urban renewal in Jerusalem.

Israeli apartments Credit: Shutterstock Apartments sold and rented

A selection of recent real estate deals in Israel in Tel Aviv, Netanya, Rishon Lezion, Tirat Carmel and Sderot.

Supervisor of Banks Daniel Hahiashvili credit: Eyal Izhar, Shlomi Yosef processing: Tali Bogdanovsky BoI moves to restrict developers' financing offers

Supervisor of Banks Daniel Hahiashvili sees growing risk in bank loans subsidizing new home purchases.

Check Point offices credit: Shutterstock Check Point, Israel Canada buying NIS 800m Tel Aviv site

The two companies are expected to win a tender by the Tel Aviv Municipality for land zoned for residential and office construction in the Bitsaron neighborhood.

Inflation credit: Tali Bogdanovsky Unexpectedly low February CPI reading cuts inflation

While inflation in Israel in the 12 months to the end of February 2025 is lower than forecast, housing prices continue to rise.

Bavli Park penthouse credit: Eyal Tagar Tel Aviv Park Bavli penthouse sells for NIS 43m

A 44th floor penthouse in one of the two towers in businessman Yitzhak Tshuva's Park Bavli project has been bought by an Israeli businessperson.

Tel Aviv credit: Shutterstock Supply of unsold new homes hits record

Israel's real estate market is sliding into recession with 78,000 unsold new apartments in January, the Central Bureau of Statistics reports.

Real estate agencies illustration: Tali Bogdanovsky credit: Eyal Izhar Too many agents and too few housing deals in Tel Aviv

There were 2,270 second-hand homes sold in Tel Aviv last year, while the city has 2,566 registered realtors, "Globes" finds.

Ramat Hasharon house in Ankor Street credit: Leanna Rose Ramat Hasharon house sells for NIS 12.4m

The 240 square meter, five-room semi-detached house on two floors is on a 430 square meter lot in the Neve Rom neighborhood.

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018