French investors buy 13 Tel Aviv flats

While vacationing in Eilat, group of investors pays some NIS 20 million for apartments in housing project on Allenby Street

Reuters | Published: 09.22.10, 08:43

A group of investors from France last week purchased 13 apartments in the Beit Moyal project for preservation on Allenby Street for some NIS 20 million (about $5.3 million).

The building was used in recent years as Mayor Ron Huldai's election headquarters. The property was sold by the Lev Hair Group.

The investors, who work in the textile industry, met with an attorney involved in the project while vacationing in Eilat and expressed an interest in it. The group paid an average of NIS 1.3 million ($340,000) per apartment.

Beit Moyal is currently used as an office building. The structure is slated for preservation and has recently undergone an alteration of object to be used for housing purposes. It is located on 138-140 Allenby Street and includes a commercial floor and three office floors.

According to plans, the municipality will add to the building 35 new apartments of two to three rooms each, measuring 45-80 square meters (484-861 square feet) in size. The structure has a building permit and it will be populated within 18 months from the start of the renovation.

Meanwhile, Jewish French businessman Jean-Pierre Ben-Naim recently purchased three apartment in the Florentine Quartet for a total of NIS 4.5 million ($1.19 million). The project will include a complex of four nine-story elliptical buildings.