French Family Buys Tel Aviv Penthouse for $17 Million

A luxury residential and hotel project in Tel Aviv, ASSEMBLY TEL AVIV, located on Yarkon Street facing the sea, has seen six apartments sold for a total of approximately 180 million shekels to buyers from Israel and abroad. The most expensive transaction involved a family from Paris purchasing an entire floor spanning 476 square meters for about 64 million shekels (approximately $17 million USD). Another significant purchase was made by a Jewish businesswoman residing in Monaco, who acquired half a floor of 246 square meters for approximately 37 million shekels.

The ASSEMBLY TEL AVIV project is developed by ORC LAND, controlled by businessman Raz Oded, in partnership with Bank Hapoalim and the Nakash brothers. The 20-story tower, a 800 million shekel investment, will combine residences, a five-star hotel with 230 suites, and commercial spaces. Approximately 60% of the 67 planned residential units have already been sold before the official marketing launch, primarily through personal connections and recommendations, with most buyers intending to live in the apartments rather than as investments.

Other notable sales include a 120-square-meter apartment bought by another French family for 16 million shekels, and a 250-square-meter half-floor acquired by an Israeli high-tech family for 35.5 million shekels. A Jewish entrepreneur from Mexico purchased a 111-square-meter apartment for 15.5 million shekels, and a young Jewish man from the US, planning to immigrate to Israel, bought an 80-square-meter apartment for 11.5 million shekels.

Real estate appraiser Shmulik Cohen explained that the high prices are due to several factors: the financial backing from Bank Hapoalim, the integrated luxury hotel services, the international profile of the buyers with lower price sensitivity, the intimate nature of the building compared to larger developments, and the prime beachfront location. He also noted the limited supply of new construction on Tel Aviv's coastline, which drives up prices.

Tal Giron, CEO of ASSEMBLY TEL AVIV, stated that buyers are discerning and many see the project as their future home, not just an investment. He highlighted that the strong pre-launch sales reflect demand for a living experience combining an exceptional location, privacy, and hotel-like services.