Chaim Katzman Lists Luxury Tel Aviv Apartment for 40 Million Shekels Amid G City Stake Sale
Chaim Katzman, a prominent Israeli real estate investor, has put his luxury apartment in the Akirov Towers in Tel Aviv up for sale, seeking around 40 million shekels. The apartment spans approximately 400 square meters, including a large balcony that accounts for nearly a third of the space. Katzman has lived in the half-floor unit in the middle tower of the complex for about 25 years, initially with his late first wife. The Akirov Towers project was completed in 2006, with the first building occupied in 2002, and was developed by Alfred Akirov, who also resides in the complex.
Katzman recently engaged a brokerage firm to market the apartment and plans to purchase another residence in Israel near the sea, dismissing speculation that he intends to relocate his primary residence to Miami. Currently, he divides his time between Israel, where he stays three to six months annually, and Miami, where he spends most of the year.
In a related development, Norstar, the company controlled by Katzman that holds a 54.3% stake in G City, announced it is exploring offers to sell part of its shares to a strategic investor. This move aims to eliminate a controlling shareholder and convert G City into a first-tier company under Israeli concentration laws. The restructuring could enable G City to list its subsidiaries, including Gazit Israel, which owns 12 shopping centers in Israel, and its operations in Poland.
Katzman owns about 30% of Norstar alongside Itzik Sela, while Israel Canada holds 14.5%. Norstar has hired Discount Capital Underwriting to facilitate the transaction but stressed there is no certainty a deal will materialize. Market sources indicate Katzman is seeking a premium of roughly 100% over the current market price for the shares. G City, formerly Gazit Globe, is a major real estate company operating in Israel, Scandinavia, and the US, specializing in urban commercial and office properties. Despite returning to profitability in 2025, its stock trades at a low price-to-book ratio amid concerns over high leverage and financial obligations. Potential buyers include Shlomi Nahaisi, a commercial center owner who recently acquired the Planet Rishon Lezion complex for about 300 million shekels.
