Beit Hasofer (Writers House), which was acquired just 18 months ago by New City Ltd. (Ir Hadasha) for NIS 24 million, has now been sold for NIS 46 million, a return of nearly 100% on the investment, reports "Yediot Ahronot."
New City's Dror Halevy has signed an agreement to sell the property to a group comprising Itzik Tshuva (Yitzhak Tshuva's nephew) and a French investor.
The lot covers six acres at the junction of Kaplan and Ibn Gbriol Streets in the heart of Tel Aviv.
Halevy and the Italian investment group Spaccio bought Beit Hasofer in August 2013 from the Israel Writers Association for NIS 24 million. The buyers had then planned to build a nine-floor building with 30 apartments that would include preserved sections of the existing structure. The project has not yet been started.
Published by Globes [online], Israel business news - www.globes-online.com - on March 22, 2015
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