It took the better part of seven years for the Dan Center, Israel's most notorious "white elephant" estate, to once again leave the market.
Strictly Orthodox businessman Yehuda Amar purchased the 42-story office building situated in the heart of Bnei Brak for $29 million.
Discount Bank Ltd. sold the project, originally bought for $40 million, and managed to cover almost half of the sum total of its expenses.
Amar said he intends to rent out the project immediately, at a going rate of $17 per square meter. The project's estimated worth upon completion stands at $140 million. Amar's development company, Amirim, has also purchased an adjacent shopping mall for $10.4 million.
Progress on the 2.33 acre project halted in the late 90's after one of the investing companies went
bankrupt. Attorney Ron Ben-Nir was appointed as the receiver for the Dan Center and has since been trying to sell the property.
Discount Bank declined comment as there are still financial matters "being sorted out with municipal authorities."
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