Donald Trump and the American Crescent Heights development Company have purchased land on the corner of Arlozorov and Jabotinsky streets in Ramat Gan, better known as Elite junction.
A USD 300 million, 70-story luxury apartment building is set to be built on the site, marking Trump’s first investment in Israel.
The new tower is set to be the tallest building in the country, with 73,000 square meters (785,765 square foot) and an average price of USD 1 million for each apartment.
The site was purchased from the Strauss-Elite group for USD 44 million, and the group is expected to show an increase of NIS 120 million (about USD 27 million) in capital gains.
The site's 15 dunams (3.7 acres) include the historic Bauhaus-style Elite building destined for preservation.
Miami-based Crescent Heights Development Company, owned by Sonny Khan, is the third largest development company in the United States, building thousands of residential units each year. The company is known for building luxury apartment and office buildings in the US. Each tower includes gyms, a pool, and spa centers. Crescent Heights is represented in Israel by Tito N.S Architects, Ltd. which also serves as the projects planners.
Trump said during the unveiling of the project that the group is developing a unique and very impressive real-estate project, one that will become a ‘landmark for future luxury apartment buildings in Israel.’ The business mogul also said the he is ‘certain Israel is on the right track.’ Trump disclosed that he negotiated the deal for over a year prior to the signing.
Crescent Heights' spokesman Brian Duchman said that Israel is ready to construct a high-end residential building which includes all the amenities and attention to detail that “only the Trump name can represent.”