Yehuda Halevy Street in Tel Aviv
Tel Aviv building sold for NIS 7.3 million
Four-story, 70-year-old structure on Yehuda Halevy Street bought by private businessman
An old four-story building on Tel Aviv's Yehuda Halevy Street has been sold to a private businessman for NIS 7.3 million (about $1.93 million). The structure was built on a land measuring 280 square meters (3,014 square feet) in size, and its price reflects a value of about NIS 12,000 ($3,175) per square meters.
The deal was carried out through the Levy Tyller & Co. and Shahar Ben Ami law firms. The buyer was represented by Attorney David Ohana.
The building is 70 years old and was owned by the Lilien family – an offshoot of one of the founders of the Bezalel Academy of Arts and Design in Jerusalem – and a French company.
The Israeli family possessed the property for about 30 years, and the French company purchased part of it about seven years ago. The building had been used for residential purposes most of the time, although it had not been rented out in the recent period.
The building has an authorized city building plan which allows the construction of a fifth floor. The buyer is said to be interested in investing money in exercising his right to build another floor.
Several similar deals have been signed in central Tel Aviv recently, including the sale of a building where Israel's first Prime Minister David Ben-Gurion had once lived to a buyers group for NIS 24 million ($6.35 million).
