The Yaffo-Tel Aviv company owned by developers Rami Shriki and Tzuri Saada has bought Beit Shmulevitz at the corner of 9 Borochov Street and Peretz Street in central Tel Aviv for NIS 35 million. The seller is a businessman in financial difficulties.
Built in 1935, the Bauhaus building is slated for preservation and includes three floors with rights to build another 2.5 floors and five apartments as well as indoor parking for 19 vehicles. It is located near Rothschild Boulevard, Shenkin Street and the Habimah Theater. With bank credit already arranged, Yaffo-Tel Aviv company plans beginning construction in August.
The starting price for the smallest apartments is NIS 3.5 million for 50 square meter units with parking, reflecting a cost of NIS 70,000 per square meter. The average price in the block will be NIS 59,000 per square meter.
Yaffo-Tel Aviv company specializes in developing, designing and building boutique projects throughout the city. Co-CEO Shriki said, "The project is typical of our work in that we find old buildings in central and historic locations in Tel Aviv-Jaffa and transform them into real estate pearls that provide a contemporary and comfortable residential experience while preserving their unique historical and architectural color. In recent years the conservation trend has gained momentum and we use this even in projects that don't require it because it gives the project added value."
The company is currently building a project at nearby 19 Montefiore Street which includes 13 apartments and underground parking and has also bought a famous project at 36 Arlozorov Street in Ramat Gan from the buyers group that built the project in contravention of preservation regulations.
Published by Globes [online], Israel business news - www.globes-online.com - on July 25, 2017
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