Steinmetz, Autoker jointly building 3,800 Budapest apartments

The project is on a 45-acre plot along the Danube. Proceeds from the sales are estimated at $400 million.

Diamond merchant Benjamin (Benny) Steinmetz and real estate company Autoker Holding, controlled by Israeli investors, are jointly building 3,800 apartments in Budapest. Proceeds from the sales are estimated at $400 million. So far as is known, this the largest overseas real estate project currently under construction by Israelis.

The developers bought 180 dunam (45 acres) on the banks of the Danube from the Hungarian government for $6 million. 225 apartments in the first stage of the project are now under construction. Sources inform “Globes” that 130 of these apartments have been sold to date. Hungarian bank MKB will provide financial coverage.

Most of the project's apartments are small - 40-60 sq.m. - the prevailing size in the city, although there are also large 120-sq.m. apartments. The average price is $1,670 per sq.m., or $100,000 for a 60-sq.m. apartment. The apartments will be built gradually, according to demand. The developers estimate construction will be completed in five years.

Autoker is owned by Ehud Amir CPA, a relative of Rami Amir, and by a diamond merchant, whose name was not disclosed. Amir, the project manager, has resided in Budapest for many years.

Published by Globes [online] - www.globes.co.il - on December 3, 2003

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