Subscribe to Print Edition | Tue., April 15, 2008 Nisan 10, 5768 | | Israel Time: 12:44 (EST+7) web haaretz.com   Back to Homepage Rosner's Domain Diplomacy Defense Jewish World Opinion National Print Edition Advertising Books Arts & Leisure Business Real Estate Easy Start Travel Week's End Anglo File

Last update - 23:08 14/03/2007 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. Advertisement 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. Bookmark to del.icio.us   Security.com Shin Bet is reaching out to English and Arabic worlds with new web sites. Obama's blunder As Penn. primary approaches, Clinton has latched on to 'values' remarks by Obama.   1.   Please save the Bauhaus buildings 02:16  |  Frederique 15/03/07   2.   Zalman Shoval 10:19  |  Regev 15/03/07   3.   too much 11:23  |  Mike 15/03/07   4.   mike 14:47  |  charles 15/03/07   5.   response to no3 15:49  |  David agami 15/03/07   6.   why would anyone want to live in toronto? 16:05  |  tony 15/03/07   7.   bauhaus 17:57  |  carr 15/03/07   8.   If I was a Palestinian, I should congratulate zionists 18:38  |  Yankelowitz 15/03/07   9.   To # 7 Carr : What the hell are you doing in Paris ? 18:42  |  Yankelowitz 15/03/07   10.   TO #8 19:37  |  Zima 15/03/07   11.   Toronto vs Tel Aviv 22:52  |  Yisrael 15/03/07   12.   HAJARKON 96 12:09  |  Frits de Wit 15/04/08

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