White City Buildings Co. and JTLV2 Fund, which own the residential project being built on the site of the former Magen David Adom building in Basel Square in Old North Tel Aviv, have reported selling a penthouse apartment for NIS 47.5 million. The buyer is an Israeli but the identity has not been disclosed.
According to the Israel Tax Authority, the 381 square meter apartment has six rooms and 149 square meters on the roof. The price, taking into account the relative value of the roof area, is about NIS 107,000 per square meter - one of the highest ever deals for Tel Aviv. Most homes sold for more than NIS 100,000 per square meter are along the seafront.
Although the apartment is officially described as a penthouse, it is only on the sixth floor.
Covering 2,500 square meters of land, before being demolished, the MDA building had served the city since the 1950s. In 2019, the building was sold by Tel Aviv-Yafo Municipality in an auction process to a consortium of White City Buildings (40%), the JTLV2 Fund (40%) and Isrotel Ltd. (TASE: ISRO) (20%) for NIS 250 million.
The new building will include a 130-room hotel with thirteen 250-300 square meter apartments above it, at an investment of NIS 600 million. The challenge posed to the developers and architects has been to design an elegant, prestigious building, which was not a tower and complemented the surrounding neighborhood and square.
Published by Globes, Israel business news - en.globes.co.il - on September 19, 2021
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