Sources inform ''Globes'' that Abraham Shaer, the developer of the luxury City Village project on Sasha Argov St. in the Mashtala neighborhood in north Tel Aviv, has begun to sell apartments in the project in person.
US-Israeli diamond merchant Abraham Shaer has based himself on the site and personally selling apartments at a discount of 20-25% on the already reduced price asked for in the past year. He told "Globes" that the project's marketing company was no longer involved in it.
Shaer said, "We're selling apartments at a large discount. I don’t want to remain indebted. We're not advertising. I'm here and sales are by word-of-mouth.
Marketing of the 35-unit project was suspended a few weeks ago because of the developers' losses and inability to sell any units, after 16 units were sold. Architect Ram Carmi designed the project. Eight apartments are currently occupied, with designer Gideon Oberson the most famous resident.
Shaer finances the project through Milagro Group, owned by three Israelis Uri Roth, Adiel Chagai, and Shmuel Packter. Shaer bought the project from its receivers for $15 million two years ago.
Published by Globes [online], Israel business news - www.globes-online.com - on February 8, 2009
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