An auction for a tiny commercial area in central Tel Aviv illustrates once more how every square meter in the city is like gold. According to the results of an auction held by the Tel Aviv municipality that have reached "Globes", a six square-meter kiosk at 31 Rothschild Boulevard was let for NIS 12,500 a month, or NIS 2,083 per square meter. The kiosk is in the middle of the boulevard at the corner of Allenby Street, and is owned by the municipality.
Despite the high price, there were no fewer than six bids. The auction closed at the end of November last year, but it took several months to decide the winner. The Tel Aviv municipality confirmed the figures, and said that possession of the property had recently been transferred.
The auction was won by real estate developer Gil Ben-Or. The bids ranged from NIS 5,100 a month to NIS 15,600 a month. Some of the bidders however did not meet the auction criteria, and so although there were bids higher by more than NIS 3,000, Ben-Or's bid was eventually selected.
Published by Globes [online], Israel business news - www.globes-online.com - on May 16, 2016
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