Colombian Embassy Deal in Jerusalem May Prove Lucrative
Translated & summarized from Ice by baba
Businessman Shmulik Apote purchased a building in Jerusalem for approximately 9 million shekels, which then became the Colombian Embassy. The embassy will pay $17,000 per month in rent, totaling over $1 million in the first five years. Real estate appraisers estimate the building's value to be significantly higher than its purchase price. Apote is a well-known figure in the parking lot industry.
The story in 6 lines · by baba
- Businessman Shmulik Apote bought the Colombian Embassy building in Jerusalem for about 9 million shekels.
- The Colombian Embassy will pay $17,000 per month in rent for the Jerusalem property.
- The building was previously listed for around 15 million shekels but sold for significantly less.
- An appraiser estimates the building's value at approximately 14.6 to 15.7 million shekels.
- The embassy has signed a five-year lease with an option for an additional five years.
- Shmulik Apote is known for his extensive operations in the parking lot industry.
A significant real estate transaction is linked to the opening of the Colombian Embassy in Jerusalem. Businessman Shmulik Apote purchased the building that now houses the embassy for approximately 9 million shekels just a week and a half before its inauguration. Shortly thereafter, a lease agreement was signed with the embassy, which will pay $17,000 per month for the property.
What makes this deal particularly noteworthy is the price. The building had been on the market for about three years, with an initial asking price of around 15 million shekels. Apote ultimately paid only about 9 million shekels. Following the purchase, Apote secured the Colombian Embassy as a tenant. According to a report in mynet Jerusalem, the embassy signed a five-year lease with an option to extend for another five years. The monthly rent of $17,000 amounts to $204,000 annually, totaling approximately $1.02 million for the first five years. If the lease is extended under the same terms, the total could reach about $2.04 million over ten years, before expenses.
Real estate appraiser Kobi Beer believes that even without considering the high rent from the embassy, the purchase price was below the property's value. He estimates the building's worth to be between 14.6 million and 15.7 million shekels. The property spans approximately 200 square meters across two floors, with a 128-square-meter landscaped courtyard. It features two separate entrances, one for the embassy and another for the consulate. However, the building is a protected landmark, imposing strict limitations on significant alterations.
Until recently, the building housed the offices of Hadas Capital, which relocated. Previously, the property belonged to the Veliro family, then to the Eliyahu insurance company and entrepreneur Yoram Shechter. For years, it served as the sales office for the luxury project "Jerusalem of Gold." Apote is primarily known for his involvement in the parking lot industry, with his company "Yamit" owning and operating dozens of parking facilities nationwide.
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