Israeli Family Buys Two Tel Aviv Penthouse Apartments for 28 Million Shekels
An Israeli family purchased two penthouse apartments in a new project by Eco City at 54-56 Bnei Dan Street, at the corners of Weizmann and Amiel Streets in Tel Aviv, for a total of 28.2 million shekels. The combined indoor area is 276 square meters, with an additional 140 square meters of balcony space. The location is in the northernmost part of Tel Aviv's District 4, near Park HaYarkon, between Namir Road and Ibn Gabirol Street.
The project covers nearly one dunam of land and involves demolishing a 60-year-old building with 19 units to build an eight-story structure with 33 apartments. The penthouses were purchased in a shell condition, allowing buyers to customize the finish, and the deal includes four underground parking spaces and storage rooms. The price per square meter, excluding balconies, is about 102,000 shekels, or approximately 81,000 shekels per square meter including balconies. Factoring in an estimated 2 million shekels for finishing costs raises the effective price to around 91,000 shekels per square meter.
According to appraiser Erez Cohen, the price reflects a reasonable market value given the property's unique location and features, such as the large rooftop balcony and proximity to Park HaYarkon. Comparable penthouse sales in the area have ranged from 80,000 to over 90,000 shekels per square meter. Eco City co-CEO and owner Ilai Bar noted that the luxury market in Tel Aviv remains very active, driven mainly by senior high-tech professionals seeking urban quality of life. Buyers increasingly prefer boutique projects in central locations that offer privacy, refined architecture, and connection to city life.
The transaction highlights the ongoing demand for luxury residences with prime views and amenities in Tel Aviv, particularly in projects already under construction by developers with strong execution capabilities. This purchase is part of a broader trend of luxury real estate sales in the city, with about 120 projects underway in the District 4 area.
Summary: An Israeli family bought two luxury penthouses in a prime Tel Aviv location near Park HaYarkon for 28.2 million shekels, reflecting strong demand in the city's luxury real estate market. The deal includes large indoor and balcony spaces, underground parking, and customization options, with prices aligned with recent comparable sales in the area.
