Sources inform ''Globes'' that American Eagle Outfitters Inc. (NYSE: AEO) chairman Jay Schottenstein has bought four apartments in Jerusalem's Waldorf Astoria for NIS 110 million. The four apartments have an aggregate space of 1,400 square meters. American Eagle is due to open its first of a planned 15 stores in Israel in February.
The Jerusalem Waldorf Astoria, now under construction, is located on the site of the old Palace Hotel, built in the 1920s at the corner of Agron Street and King David Street. It is across the street from the David Citadel Hotel and down the road from the King David Hotel. The Ministry of Industry, Trade and Industry subsequently occupied the property, until it moved to the government complex a few years ago.
Schottenstein (57) bought a 500-square meter penthouse on the ninth and top floor of the residential building under construction adjacent to the hotel, and bought three 300-square meter apartments for each of his sons.
Canada's Reichmann family bought the property for $20 million through IPC Jerusalem Ltd. The Waldorf Astoria hotel and residential complex, designed by architect Yehuda Feigin preserves the façade of the Palace Hotel. The $150 million project is due to be completed by the end of the year. The residential building has 30 apartments, half of which have been sold.
The Jerusalem Waldorf Astoria was unavailable for comment.
Published by Globes [online], Israel business news - www.globes-online.com - on January 8, 2012
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