A penthouse under construction as part of a historical building at 6 Kaplan Street in Tel Aviv has been sold for NIS 20 million in bare shell form. The 200 square meter, eighth floor apartment in Beit Hasofer will have a 49 square meter balcony overlooking Itamar Ben-Avi Street as well as a 120 square meter roof area with a swimming pool and two parking spaces.
The buyer is the senior executive of a finance company who is moving from a high-rise residential tower in Tel Aviv. Kobi Saar, marketing and business development director at Jaffa Tel Aviv Building Company, which is developing the project in a 50-50 partnership with Yitzhak Tshuva, says, "The buyers are currently living in Tel Aviv in a high-rise that they don't like and so bought the penthouse in the project in order to live there."
Saar adds, "There are 23 apartments in the project, of which 12 have already been sold. Construction began a month ago and delivery will be in three years. The deal has been done under Sales Law terms with four payments: the first on signing, one in another year, and one every year until construction is completed. In the luxury market it is not usual to offer 20%-80% payment terms."
The project involves preserving the existing four-floor building of Beit Hasofer while behind the building an eight-floor building is being constructed with two underground floors. Construction is due to end in 2027.
Beit Sofer was designed by the renowned architect Dov Karmi, the first-ever architect to win the Israel Prize and the father of Ram and Ada Karmi who both also won the Israel Prize for architecture. Beit Sofer was built between 1954 and 1957 and leased to the Hebrew Writers Association, which had been founded by Hayim Nahman Bialik.
Published by Globes, Israel business news - en.globes.co.il - on January 12, 2025.
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