Small Tel Aviv seafront parking lot sold for NIS 150m

A 750 square meter lot on Tel Aviv’s Hayarkon Street has been purchased by Israeli property developers Amos Luzon and Koko Ovadia for NIS 150 million, including NIS 10 million purchase tax, sources close to the deal have told “Globes.” The lot at 92 Hayarkon Street, is next to the seafront and is currently used as a parking lot.

The lot has an approved building plan for 20 apartments in buildings no higher than six floors so as to not block the sea view of apartments further inland to the east. The lot was sold by private owners through an organized sales process for proposals from lawyers representing bidders. The lot is to the south of the Dan Hotel and overlooking London Park.

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The plan allows for the construction of 2,200 square meters in the 20 apartment including balconies but not including roof balconies, basements and underground parking.

Luzon and Ovadia plan to begin construction in the first quarter of 2023, although it remains unclear how the buildings will be divided up. The developers may choose to build only six or seven large apartments, in which case, as the land alone for each apartment would have cost NIS 20 million, the cost to buy each apartment will be tens of millions of shekels. Apartments in the neighborhood currently cost between NIS 80,000-140,000 per square meter.

The lot is being purchased by a company called Haneviim Jerusalem K.L. owned by Amos Luzon’ Property and Investments and Tomer Koko Investments, a partnership between Koko Ovadia and his son Tomer.

Full disclosure: Among the owners of the lot that has been sold is Edna Bar-On, one of the owners of “Globes.”

Published by Globes, Israel business news – en.globes.co.il – on October 24, 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.