dov

Bauhaus, our house

By Arik Mirovsky

The First American-Israel Real Estate (FAIRE) 2 fund and Shagrawi Brothers building contractors last week purchased equal shares in a lot on Hayarkon St. 96, opposite the Dan Hotel, for $17.5 million.

Next to a Bauhaus-style building slated for preservation, the new owners plan to build an eight-story luxury residential high-rise. The seller, Carbona Sales, is currently building a luxury residential project on Hayarkon Street.

The purchase price of the lot includes building rights for 5,770 square meters (62,300 square feet) above ground and 4,000 square meters below ground, reflecting a cost of $3,000 per developed square meter.


The sale of apartments will bring the developers an estimated $55-60 million, or an average of $10,000 per square meter.

The penthouse apartments will cost $15,000-$20,000 per square meter.

The Shagrawi Brothers will be handling the construction of the project, which is being designed by Yaski-Mor-Sivan Architects along with architect Amnon Bar Or.

The building will comprise spacious apartments as well as penthouses and two-story apartments. Most of the apartments will have a view of the sea.

"The project has great profit potential," says FAIRE fund manager Avi Tene, "due to the demand and the high sales prices. We are witnessing a steady increase in the both the price of building rights and the sales prices. We have already completed the excavation and lining stage has already been completed. We expect to receive the building permit within about a month, after which FAIRE will move forward with the project, whose construction should be finished within 24 months."

The FAIRE 1 and 2 funds were established by former Knesset member Zalman Shoval and former Africa Israel CEO Shlomo Grofman.

The funds are building about 1,000 residential housing units at eight sites in high-demand areas: Petah Tikva, Givatayim, Holon, Rishon Letzion, Kiryat Ono and Jerusalem.

The fund recently bought three building lots in Tel Aviv, Ramat Gan and Hod Hasharon, for the construction of an additional 220 housing units.

Silently Loud

its already U/C

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Tel Aviv:
94 approved
48 proposed
37 under construction