Subscribe to Print Edition | Thu., April 24, 2008 Nisan 19, 5768 | | Israel Time: 11:05 (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 - 05:02 24/04/2008 Israeli mogul Tshuva sets sights on L.A. luxury apartments project By Noam Rodeh and Ranit Nahum-Halev, TheMarker Correspondents Tags: Nochi Dankner, Yitzhak Tshuva  Yitzhak Tshuva's Elad Properties has announced that it will construct an exclusive real estate project on Wilshire Blvd. in central Los Angeles. The project, to be named Carlyle Residences, will include a 24-story tower with 78 luxury apartments, ranging in size from 250-450 square meters. The building is scheduled for completion by the first quarter of 2009. "There is a high demand for luxury apartments in Los Angeles and we expect growth to continue in the higher end of the real estate market, where buyers are looking for properties of the highest quality and services," said Elad Properties CEO Micky Naftali. Furnishings in the public areas will be designed by international designer brand Fendi Casa. Meanwhile, Los Angeles real estate prices continue to fall on the backdrop of rising mortgage defaults in the area. Median housing prices in the Los Angeles area were down 18.5% from March of last year. Advertisement For the time being, progress on the Las Vegas Plaza, another Tshuva-Nochi Dankner project, is also suspended. The Las Vegas Plaza is set to be the most glittery hotel in the gambling town, with construction costs estimated at about $1.2 billion. The partners prefer to wait for a lull in the markets and another cut in US interest rates before construction commences, especially since they are still waiting for some of the necessary licensing. According to March reports, Tshuva expected construction of the Las Vegas Plaza project to be delayed should raising investment money at reasonable interest rates prove impossible in early 2009. Nevertheless, Tshuva also expects the crisis to be over, or mostly over, by that time, and that construction will not be delayed. Yitzhak Tshuva's Delek Real Estate group is also negotiating with Yaad Industrial Representatives Ltd. for the Beit Harel building in Jerusalem, for a price tag of about NIS 60 million. The 10,000-sqm. structure in the Givat Shaul Industrial Area is part of a large structure that includes office and commercial space and a large parking lot with additional building rights. It would be a lucrative deal for Delek, with the property yielding about 8.7% annually. Delek Real Estate declined to respond to the news, and Yaad was unavailable for comment Bookmark to del.icio.us   Sex, lies and videotape 3 kibbutz residents suspected of filming themselves sexually assaulting Danish tourists. Big brother is watching An IDF soldier has been jailed for posting sensitive photos on Facebook.   1.   Hopefully these apartments are for deported West Bank settlers 10:11  |  Chanalau, Tova 24/04/08   2.   To #1...indoor plumbing, no roaches...you`ll never like it 10:38  |  Salem 24/04/08

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