Tel Aviv’s skyline is looking ever more like that of New York. Sources inform ''Globes'' that, in a few days, Gindi Investment 2001 Ltd. will sign a contract for the construction of a 54-story luxury high-rise in Zameret Park in north Tel Aviv. Prices for the 189 apartments in the building will begin at $10,000 per sq.m., and will be twice that for the upper floors.
The developers say that the Urban Building Plan (UBP) already authorizes 50 floors, with four more undergoing approval procedures with the Tel Aviv Local Planning and Building Commission. If approved, the new high-rise will be equal in height to the Azrieli Round Tower, the tallest of the three Azrieli Towers, which are, however, an office and commercial, not residential, development.
Gindi Investments bought the land for the planned high-rise in a combination deal with the heirs of the Hai family, who will receive $14 million in cash for 61 apartments in the project, and just over 50% of the rights in the other 128 apartments. The deal reflects a price of $230,000 per land per apartment, and also reflects the phenomenal prices for land in the area.
Published by Globes [online], Israel business news - www.globes.co.il - on August 8, 2007
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