Another Tel Aviv Real Estate Icon Sold
Tel Aviv is full of real estate icons. What I mean by this are the monumental buildings that dot the city and have lain dormant for years. These buildings are slowly being discovered by real estate tycoons bought for enormous prices. One such “real estate icon” is the building called “Beit Sokolov” or “Beit Haitonaim” (Journalists house). This building, located on Kaplan Street near the corner of Ibn Gvirol Street has been old for 172,000,000 NIS. 67% was purchased by Keren Variety ( real estate investment fund) and 33% by Haphenics Insurance company. In addition to this the purchasers will pay to the Journalist Association an additional 8,000,000 NIS if additional building rights can be obtained.
This building has 14,000 sq. meters of area. A tower of 17 floors can be built allowing for the construction of 95 apartments in addition to the commercial parts of the building.
Kaplan Street which houses the newly preserved Templar colony of Sarona, houses additional buildings of this type such as “Beit Hikarim” (Farmers Building) and the Jewish agency, among others. This area was once the center for the offices of all the organizations of the socialistic state. A few blocks away you will find the Israeli Opera House, the District and Magistrate Courthouses, the Tel Aviv Museum, the Habima Theatre and the Azrielli Towers. It is within walking distance of the train station and the Tel Aviv Municipality. With all these attractions nearby it is no wonder that the building fetched such a high price and that several other Israeli real estate magnates submitted bids to purchase the building as well.