Preserved building in Nahalat Binyamin
Berggruen buys Nahalat Binyamin project
American company buys old Tel Aviv neighborhood including 0.6-acre Pillar House, four plots for preservation in $50 million deal
American investments company Berggruen Holdings completed the acquisition of the Nahalat Binyamin neighborhood from real estate entrepreneur Ruth Speizer on Sunday.
The group purchased the 0.6 acre Pillar House area in the neighborhood along with four other areas.
The companies refused to comment on the cost of the transaction, but real estate market sources estimated it at about $50 million.
The Nahalat Binyamin neighborhood project was initially the vision of Speizer, who in the nineties wished to merge the Nahalat Binyamin pedestrian mall with the nearby streets to create a renovated luxury neighborhood in the center of Tel Aviv.
Over the years, Speizer purchased seven buildings slated for preservation and other nearby plots for a total investment of $42 million.
Following financial difficulties, the project was put on hold in the early 2000s and Speizer sought out potential buyers to complete the project.
