David Blatt buys 2 Tel Aviv apartments

David Blatt
David Blatt

The Cleveland Cavaliers coach and his wife Kinneret are buying two apartments in Alpha Tower for their daughters.

Cleveland Cavaliers coach David Blatt has joined a buyers group to purchase two apartments in the Acro Real Estate Tel Aviv Alpha tower for an estimated NIS 5.4 million. The former Maccabi Tel Aviv coach and his wife Kinneret intend the two apartments for their two daughters.

The emerging buyers group is for rights to the land intended for building Alpha Tower in Tel Aviv's Hassan Arafeh compound. The project is being marketed by Arco Real Estate, which is owned by Zahi Arabov, Ilan Kapon, and Ziv Yacobi.

The Blatts bought an option for two apartments on the 32-floor tower's 31st floor. Each , 75-sq.m., 3-room apartment has a 14-sq.m. balcony (807 + 161-sq-ft.). Acro Real Estate, which launched pre-sales for the tower a few weeks ago, says that it has already sold 110 of the project’s 120 apartments, for a total of NIS 150 million, at prices ranging between NIS 26,000 and NIS 30,000 per sq.m.

Last August, Acro Real Estate received an option to buy the lot from Shevet Moshe Co, owned by Moshe Yeshayahu. Under the agreement between the parties, Acro will be Yeshayahu’s partner in the hotel portion, and the portion designated for housing is to be marketed through a buyers group.

Alpha Tower, which will be built between Yitzhak Sadeh, Menachem Begin, and Hamasger streets, will include 23,000-sq.m, with a 180-room business hotel on 14 floors, and 120 apartments on floors 15-32. The project is estimated at NIS 350 million, and it is expected to be occupied in five and a half years.

The building’s apartments will be between one and three bedrooms, and there will be penthouse apartments as well. The apartments are priced between NIS 1.7 million and NIS 1.9 million for one-bedroom apartments, NIS 2.3 million and NIS 2.7 million for two-bedroom apartments, and NIS 2.9-3.1 million for 3-bedroom apartments.

Published by Globes [online], Israel business news - www.globes-online.com - on January 7, 2015

© Copyright of Globes Publisher Itonut (1983) Ltd. 2015

Twitter Facebook Linkedin RSS Newsletters âìåáñ Israel Business Conference 2018