Jerusalem Property Linked to Hebrew Revivalist Sold for $3.2M
Translated & summarized from Calcalist by baba
A Jerusalem property linked to Eliezer Ben-Yehuda, the reviver of the Hebrew language, has been sold for 12 million shekels, significantly above its appraised value. The 517-square-meter property in the historic Habashim neighborhood includes five housing units and potential for expansion. The apartment where Ben-Yehuda lived is also for sale, and the Ethiopian Church had expressed interest in the area. An overseas buyer purchased the property for extensive renovations.
The story in 5 lines · by baba
- Jerusalem property linked to Eliezer Ben-Yehuda sold for 12 million shekels.
- The sale price significantly exceeded official property appraisals.
- The buyer is an overseas resident planning extensive renovations.
- The apartment where Ben-Yehuda lived is also currently on the market.
- The Ethiopian Church had expressed interest in acquiring the property.
A unique residential property in Jerusalem's historic Habashim neighborhood has been sold for 12 million shekels (approximately $3.2 million), a price significantly exceeding official appraisals. The property, located at 13 Ethiopia Street, was initially listed for 13 million shekels and finalized after a year of negotiations at a price 1 million shekels lower than asking, but still substantially above its appraised value.
The 517-square-meter plot includes a 188-square-meter building divided into five housing units surrounding a large courtyard. It also features a basement that previously served as a water cistern and holds building rights for an additional 120 square meters. The structure is noted for its traditional Jerusalem stone construction.
Historically, the property is part of a complex where Eliezer Ben-Yehuda, credited with reviving the Hebrew language in the late 19th and early 20th centuries, once lived in a unit situated above the sold building. The apartment Ben-Yehuda occupied is also currently on the market.
The Ethiopian Church, a long-standing institution in the area, had expressed interest in purchasing the property to expand its facilities and convert the buildings for office use. The buyer, an overseas resident, plans extensive renovations.
Economist and appraiser Hezekiah Haetzni explained that unique luxury properties can command prices well above appraisals due to personal buyer preferences and the lack of comparable alternatives. He also noted the potential for a "control premium," where buyers pay extra to secure ownership of a unique asset. The sale was brokered by Shmaya Fine of Fine Real Estate, with Keren Hirschfeld of KH representing the buyer.