Tel Aviv penthouse sold for NIS 20m

A penthouse apartment under construction as part of a historic building at Kaplan Street 6 in Tel Aviv has been sold for NIS 20 million in bare shell form. The 200 square meter apartment on the eighth floor in Beit Hazofer 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 a senior finance company executive moving out of a high-rise residential tower in Tel Aviv. “Buyers are currently living in Tel Aviv in a high-rise building they don’t want,” says Kobi Saar, director of marketing and business development at Jaffa Tel Aviv Construction Company, which is developing the project in a 50-50 partnership with Yitzhak Tshuva. I didn’t like it so I bought the penthouse apartment in the project to live there.”

Sarr adds: “The project contains 23 apartments, 12 of which have already been sold. Construction began a month ago and delivery will take place within three years. The deal was concluded under the terms of the sales law in four payments: the first upon signing.” , one in another year, and one every year until the construction is completed. In the luxury market, it is not usual to offer payment terms ranging from 20% to 80%.

The project includes preserving the existing four-story building in Beit Hazofer, while behind the building is constructing an eight-story building with two underground floors. Construction is scheduled to finish in 2027.

Beit Sofer was designed by renowned architect Dov Carmi, the first architect ever to win the Israel Prize and the father of Ram and Ada Carmi who also won the Israel Architecture Prize. Beit Sofer was built between 1954 and 1957 and was leased to the Hebrew Writers’ Union, founded by Chaim Nachman Bialik.

Published by Globes, Israel Business News – en.globes.co.il – on January 12, 2025.

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