French Families Buy Luxury Tel Aviv Apartments for Over $27 Million
Translated & summarized from Ice by baba
A family from Paris has purchased luxury apartments in Tel Aviv's ASSEMBLY TEL AVIV project for over 100 million shekels. The deal includes a 476-square-meter apartment for 64 million shekels and an additional half-floor for 37 million shekels. The project, a partnership between ORC LAND and the Nakash brothers, has sold 60% of its units, with buyers including international businessmen and families intending to reside there.
The story in 5 lines · by baba
- A French family bought luxury apartments in Tel Aviv for over 100 million shekels.
- The ASSEMBLY TEL AVIV project saw a record sale of 64 million shekels for a 476 sqm apartment.
- An American businessman purchased a penthouse for approximately 150,000 shekels per square meter.
- ORC LAND Group reports 60% of units sold in the 800 million shekel coastal project.
- Buyers are primarily individuals intending to live in the apartments, not for investment.
A family from Paris has purchased the first floor above the hotel floors in a new luxury project on Tel Aviv's promenade for a record 64 million shekels. The 476-square-meter apartment is part of a deal that also included the sale of an additional half-floor for 37 million shekels, bringing the total for one and a half floors to over 100 million shekels. This transaction highlights the resilience of Tel Aviv's real estate market, following a recent sale of a luxury apartment by the Hajjaj brothers for 55 million shekels.
In a separate deal within the same ASSEMBLY TEL AVIV project on Yarkon Street, an American businessman acquired a 293-square-meter penthouse with a large balcony across the 51st and 52nd floors for approximately 150,000 shekels per square meter.
ORC LAND Group, controlled by Raz Odded and Bank Hapoalim, reported that 60% of the units in the flagship coastal project, a partnership with the Nakash brothers involving over 800 million shekels in investment, have been sold. The 20-story tower will feature exclusive residences, a 5-star suite hotel, and a luxury commercial floor.
Other significant sales in the project include a 120-square-meter apartment bought by another French family for 16 million shekels, a 246-square-meter half-floor purchased by a Jewish businesswoman from Monaco for 37 million shekels, and a 250-square-meter half-floor acquired by an Israeli high-tech family for 35.5 million shekels. Additionally, a Jewish developer from Mexico bought a 111-square-meter apartment for 15.5 million shekels, and a young American Jew planning to immigrate bought an 80-square-meter apartment for 11.5 million shekels.
ORC LAND claims the sales were driven by personal connections and recommendations, without marketing campaigns. The company emphasized that most buyers intend to live in the apartments rather than treat them as investments. Raz Odded, Chairman and CEO of ORC LAND Group, stated that personal relationships were key to closing these deals. The tower will include 10 hotel floors with 230 suites, 67 residential apartments above them, and a 600-square-meter penthouse on the top floor, listed at a starting price of 110 million shekels. Building permits were obtained in August.
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