Nayot Komemiyut Investments is selling the famous patriarchate land in central Jerusalem. “Globes” has learned that the company recently put the land with a minimum price tag of NIS 750 million, and that it will shortly publish the bidding procedure. About 1,000 housing units, and the five-star Inbal Hotel, stand on the land.
According to market estimates, the eventual selling price will be around the minimum. “Globes” has also learned that among the bidders for the land is American-Jewish real estate developer Gary Barnett, president and founder of Extell Development Company.
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The Nayot Komemiyut Investments partnership was set up in 2010, and various partners have joined it along the way. According to earlier reports, the partnership has bought land to the tune of NIS 115 million, purchases that made waves and even affected the prices of apartments on it.
Over the years, disputes arose between the partners, leading to an arbitration procedure before former Haifa District Court judge Dr. Adi Zarnik. In the petition to dissolve the partnership, signed in 2022, it was stated that disputes had arisen between the partners that could not be resolved. The petition called for the sale of the land held by Nayot.
Despite the sale of the land, the legal tangle concerning it remains. As reported by “Globes” in the past, the Jewish National Fund (JNF) owns the lease on the land until 2052, but the unknown of what will happen to the land when the lease runs out in thirty years’ time, together with the purchases by Nayot, that give rise to many rumors, led to a plunge in the land price, of up to 40% in comparison with other land in the area that is not leased.
Last December, “Globes” reported that the JNF was considering extending its lease in order to create greater certainty for residents and to enable the legal situation to be regularized. Whoever purchases the land, will sooner or later have to deal with the apartment owners and with the JNF if they wish to implement new construction plans.
Published by Globes, Israel business news – en.globes.co.il – on January 16, 2023.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2023.
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