More news on the Manhattan Tower
BSR Projects-led group buys Lev Hapark lot for $29m
The "Manhattan" real estate project is a 40-storey high-rise with 177 apartments in north Tel Aviv.
Guy Yamin 27 Mar 05 11:15
A group of 177 buyers organized by BSR Projects (TASE: BSRP) last Thursday bought a lot in north Tel Aviv's Lev Hapark "Manhattan" project for $29 million. Each member of the group will pay $160,000, the price per land per apartment in the prohject. The lot is adjacent to the Habas HZ Investments' (TASE: HABS) YOO project. One 40-storey high-rise with 177 apartments will be built on the 5.4-dunam (1.35-acre lot). Mercantile Discount Bank's mortgage division is providing financial coverage for the Manhattan real estate project.
The lot for the Manhattan real estate project was sold for 10-20% more than for two adjacent lots in Lev Hapark: NAM 5 and a group headed by Canada-Israel Development Corp. each bought a lot for $24.5 million.
The Lev Hapark plan was approved in September 2002. The site is one of the most expensive pieces of land in Israel, south of Pincas St., and east of Namir Rd. The plan calls for the construction of 1,747 apartments and 6,000-sq.m. of commercial space, recreation areas and public institutions on a 135-dunam (33.75-acre) area.
Published by Globes [online], Israel business news -
www.globes.co.il - on March 27, 2005