Illustration photo
Turkish Embassy building sold for $6.4M
Foreign resident buys four-story Tel Aviv building which measures 800 square meters in size
A foreign resident has bought the building housing the Turkish Embassy in Israel
for $6.4 million, Yedioth Ahronoth's economic newspaper Calcalist has learned.
The four-story building, which measures 800 square meters (8,611 square feet) in size and is located on Tel Aviv's Hayarkon Street, belongs to a private Israeli company which is renting it out to the embassy.
As revealed by Calcalist, the building was offered for sale eight months ago, for NIS 25 million (about $6 million).
"In spite of the deterioration in the economic situation, we managed to sell the building for a price close to what we expected," said Attorney Amir Hasid of the Amsel-Levi-Hasid law office, which handled the deal.
At this stage it is unclear what the buyer plans to do with the property, but the city building plan referring to the street permits its use for residential purposes or as a hotel.
In the past, most foreign embassies in Israel were concentrated on Hayarkon Street and in central Tel Aviv, but the past few years have seen a change in the preferred location. Many embassies have moved to luxurious office buildings in business centers, mainly near the Ayalon Freeway, and in areas with easy access to the city's main transportation routes.
