A luxury tower with the best location in Tel Aviv with a guard at the entrance, a residents' club, a spa, and a pool – all for people eligible for housing aid from the Construction and Housing Ministry. It may sound fantastical, but this is precisely the deal that was struck Monday on the "Arlozorov Towers."
American billionaire Sonny Kahn sold one of the most expensive real estate futures in Israel to the Tel Aviv-based procurement group headed by Inbal Or and Ido Hagag for NIS 500 million (about $133.7 million).
CH Tel Aviv, which is part of the Crescent Heights global real estate developers, sold the land for residential purposes for NIS 250 million (about $66.8 million). The plot is located close to the Ayalon Highway, next to Recital Halls. The property will see two 40- and 46- storey towers built on it that will contain 486 apartment units. The target audience of buyers will be focused in on young couples eligible for aid from the Construction and Housing Ministry (in other words, for whom this is their first apartment), under the age of 35.
Prices will start at NIS 950,000 (about $254,000) for apartments between 3 and 4 rooms. The apartments will be allotted via lottery. The contractor will be Ori Dori.
Inbal Or, owner of Or City which has already erected no small number of procurement group projects, said that a project such as this has been her dream for some time ever since she came from Beersheba without a shekel to her name to the big city of Tel Aviv.
"It was hard to find a normal apartment at an affordable price. I told myself that it is possible, and now it will happen. We have an option on the plot for four months, and we will make sure to sell to young couples just as we are committed to an unprecedented price in Israel," Or explained.
The deal was made by CH Tel Aviv – which is managed by Avi Saada, representative of Crescent Heights in Israel, the Middle East, and Europe – which sold Or City one of the only real estate futures in Tel Aviv and the most expensive in Israel as an option deal for $64 million. The plot includes 4 dunams (about 1 acre) at 154 Menachem Begin Road in Tel Aviv close to the historic Tnuva Dairy.
According to the authorized building plans, 36,000 m (about 118,110 ft) of residential space and 58,000 m (about 190,290 ft) of service space can be built on the lot. Two residential towers will be built on the lot.