A luxury home with a preservation order at 64 Rothschild Boulevard in the heart of Tel Aviv was sold for NIS 77.2 million at the end of August. The house, in the heart of the exclusive Villa Rothschild project, has 563 square meters of living space on three floors as well as a 190 square meter open roof, seven underground parking spaces and a 377 square meter front area with a restored gateway, as well as a garden and swimming pool.
The house has undergone a comprehensive renovation according to the preservation restrictions with the highest quality finishing, by Bar Orion Architects. In order to build the underground parking lot, it was necessary to temporarily suspend the building on stilts in order to preserve it. Next to the house are two luxury six-floor residential buildings.
The house called Beit Awad was built by the architect Joseph Berlin in 1926 in the eclectic style and was given a preservation order because of its unique design. From the 1980s, the building housed the Yin Yang Chinese restaurant owned by Israeli chef Yisrael Aharoni and businessman Moudi Ben-Shach. In 2006 when the project was planned, the restaurant was relocated.
The Villa Rothschild luxury project including the adjacent two luxury six-floor residential buildings at 62 and 66 Rothschild Boulevard was built by a partnership of two companies - Boulevard Tara and Rothschild 66. The house at 64 Rothschild Boulevard belonged to Rothschild 66, which is owned by Ben-Shach and a foreign investor. The buyers are a couple who divide their time between London and Tel Aviv. Rothschild 66 was represented in the deal by Advs. Hagai Shmueli and Lee Maor of the Arnon Tadmor-Levy law firm.
Real estate appraiser Erez Cohen said, "This is a unique property by all accounts, also in terms of its significant size, which includes a pool in a prime location in the heart of Tel Aviv. From an appraiser's point of view, the deal amount is about NIS 137,000 per square meter built without roof terraces and the yard. This is the cost of mega luxury that can be seen in individual deals that took place in Tel Aviv in penthouses on the seafront."
"In such properties, the price is not surprising and is in line with other mega-luxury projects. The explanation or the claim in the market is that there really is no price for such properties because of the difficulty of making a comparison and certainly because of the unique characteristics of the project. Compared, for example, to the price per square meter in the luxury apartments in the residential buildings next to the villa, the price is significantly higher. Those apartments have been sold over the years for around NIS 80-100,000 per square meter.
"This is a completely exceptional and rare transaction, and there are not many properties like this. In Neve Tzedek in Tel Aviv there were houses and villas that were sold for a similar prices per square meter, and even in one case at a higher price than the purchase price here, but these are rare transactions."
Published by Globes, Israel business news - en.globes.co.il - on September 28, 2023.
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