The Jewish-American businessman, Gary Burnett, of the American real estate development company Extell, is purchasing the land of the Greek-Orthodox Patriarchate in the center of Jerusalem from the investment company Niyot Kommiam for NIS 750 million. The land includes approximately 1,000 housing units, hotels, public buildings and institutions, open areas and more than a dozen plots for development.
We will remind you that the land affair of the Greek Orthodox Patriarchate in the Rehavia neighborhood, which agitated the country 20 years ago, came to an end in December 2021, with the court ruling that the Patriarchate must pay compensation in the amount of 13 million dollars. At
the heart of the affair was the decision of The church to cancel an agreement it signed with a KKL-Junk subsidiary, on the extension of the land lease in the prestigious neighborhood, after it was discovered that the Greek patriarch's signature was forged by crooks.
In practice, it was determined that the partnership would pay the compensation, since it had acquired the lease rights to the lands.
Niyot Partnership was established in 2010, and along the way several partners joined it.
Over the years, disputes arose between the parties to the construction partnership, and after mediation in February 2022, it was agreed to sell the lands it owns, including the lands of the Greek Patriarchate.
The land is leased to the National Fund for Israel until the year 2051 with an option to extend under the conditions of a renewed lease based on the market value.
Axtel was represented in the transaction by lawyers Avi Fortan and Deuel Plai from the Agmon and Tolcinsky law firm.
Gaza Street around it: the land includes about 1,000 housing units, hotels, public buildings and institutions (photo: official website, Eitan J. Tal, Wikipedia)
Burnett is an American-Jewish real estate man, president and founder of Extell Development Company, as well as the owner of Extell Ltd., which has issued bonds on the Israeli stock exchange over the past 8 years.
According to Gary Burnett, "I am excited to announce a major deal in the center of one of the cities the most important in the world.
This is a situation where everyone benefits: the State of Israel, the city of Jerusalem, the residents and Extel.
We have a great reputation with complicated projects in the US, including the Belnord project in Manhattan, which involved tenants in complex situations. We are going to treat the tenants in Jerusalem with the same respect and fairness as we do in all our projects. The project will strengthen Extel's ties with the Israeli market and accelerate the development of Center of Jerusalem".
Noam Ben-David, who is the head of the Niyot-Commiat group, said: "We are happy to sign the deal with one of the largest real estate companies in the world, owned by businessman Gary Burnett, a warm Zionist Jew who loves Jerusalem.
We entered into this project more than a decade ago, after an impasse between KKL-Junk and the church, and we managed to resolve a conflict that the State of Israel was unable to advance despite many efforts. We made a deal that was considered impossible, and also very financially dangerous."
"Today, after the redemption of the land has been completed, we are handing over the project with a calm heart and a confident hand to those who will complete it in the coming years. Burnett expressed his commitment to work in cooperation with KKL-Junk and the authorities in Jerusalem to create a solution for the residents and the development of the city.
The Ben-David family has been engaged in the building of the land for many years, and with God's help it will continue to take part in the building of Jerusalem and its renewal."
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