Old Peaks will build a complex in Neve Tzedek; Expect sales of NIS 300 million

The group purchased the last vacant land in the upscale Tel Aviv neighborhood opposite the David Intercontinental Hotel as part of a deal worth NIS 80 million. According to the plan, a complex of 38 apartments will be built - 8 of them penthouses

Neve Tzedek (Photo: Reuven Castro)

Building Real Estate Real Estate Tel Aviv Tel Aviv Tel Aviv Neve Tzedek Neve Tzedek (Photo: Reuven Castro)

The Ald Psagot Group acquired the last large land in the Neve Tzedek neighborhood of Tel Aviv. The land is opposite David Intercontinental Hotel and the deal is worth NIS 80 million. The building for the land located on Ein Yaakov Street in the neighborhood is already approved, and the group plans to build an innovative complex with 38 apartments of various sizes including 8 penthouses overlooking the sea. The complex will be characterized as an enclosed luxury complex with a green courtyard for the benefit of tenants.

Neve Tzedek is considered one of Tel Aviv's real estate gems and the latest land reserves in the neighborhood are considered highly sought after. The neighborhood is picturesque in nature because of its small and special houses as well as important cultural centers such as Susan Dellal and Nahum Gutman Museum. In the 1990s, a neighborhood conservation plan was implemented. And that has resulted in the renovation or rebuilding of the most expensive homes in the city.

According to Israel Abramov, CEO of Eldad Psagot, "As part of the group's entrepreneurial activity, we purchased the last large land in Neve Tzedek and the new planned project will be built with a sales volume of NIS 300 million. The architect is a Schwartz office in Snusoff and we are currently working on issuing a building permit which we estimate will be completed in about a year and a half.

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The plan in Neve Tzedek (Photo: PR)

Neve Tzedek (Photo: PR, PR)

"To our delight, this acquisition of Eld Psagot joins another major acquisition this week of land in Givat Shmuel worth NIS 75 million, where an office, commercial and residential tower will be built in a mixed-use model with 140 student apartments. This transaction is estimated to have sales of NIS 400 million. The purchase of these two large lands, with a cumulative value of NIS 155 million, indicates the strength of the group and its significant foothold in the entrepreneurial world, beyond the scope of urban renewal that is growing at its widest extent. "

Eldad Psagot is one of the leading groups in Israel in entrepreneurship, development and execution of residential projects, specializing in urban renewal. The group has many years of professional work, credibility and rich experience in planning, initiation and construction. The group was established in 2017 in mergers between Farkash Entrepreneurship and Real Estate Company and the holding company ALD Entrepreneurship. ALD Entrepreneurs holds one of the largest funding and financial entities in the urban renewal market in the Wallston Foundation. The Farkash Group is responsible for execution, business development and management. , While ELD is responsible for the financial sector, which includes financing and escorting the project financially.

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