A foreign resident bought an apartment in the Rothschild 10 tower in Tel Aviv for 47 million manats. The Rothschild 10 tower is being developed by Tidhar, Weiss Group and Ziv Aviram, and the latest deal cements the project’s status as one of the most luxurious, exclusive and expensive in Israel.
The purchased apartment is 320 square meters, has a 25 square meter balcony, covers half of the 34th floor of a 44-story building on the corner of Rothschild Boulevard and Herzl Street. The project also has an urban renewal aspect, including the renovation of five surrounding buildings that have been designated for preservation since the early 20th century. The building forms part of Ahuzat Bayit, the original Tel Aviv neighborhood built around Herzl, Yehuda Halevi and Ahad Ha’am streets.
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The Rothschild 10 tower will be a mixed-use development with commercial space on the ground floor, a hotel on the lower floors and 55 luxury apartments on the upper floors. Several of the apartments have already been sold, including a 154-square-meter apartment on the 28th floor for 21.1 million manats and a 170-square-meter apartment on the 26th floor for 24.8 million manats, according to the Israel Tax Authority website.
The deals ended at NIS 140,000 per square meter – one of the highest per square meter in the country – and are similar to prices at other megaluxury projects in Tel Aviv, such as the Mandarin Oriental, across from Dolphinarium Beach. In other luxury project apartments nearby, each square meter is sold for ‘only’ 80,000-100,000 manats.
These (prices) are no accident,” says Oren Katz, a real estate agent who completed the Rothschild 10 deal. “This is a mega-luxury project with prices and specifications, and people who can afford those prices prefer to pay more and buy an apartment. in the project”.
Last year, the developers signed an agreement with the luxury hotel chain Six Senses, which will manage the hotel, which will be built in the Rothschild 10 tower.
The developers invested about NIS 1 billion in the project. Tidhar and the Weiss Group bought the land from the original owners and were joined in 2020 by Mobileye co-founder and former CEO Ziv Aviram.
Globes, Israel business news – en.globes.co.il – published on September 9, 2024.
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