Crescent Heights, the Miami-based company of American billionaire Sonny Kahn, plans to build a luxury complex in the heart of Tel Aviv. The company today announced buying 70 dunams of land by the Recital halls in Tel Aviv for $38 million from the Ela Brothers.
The company means to build 30 apartments and 20,000 square meters of commercial space, and anticipates sales of about a quarter-billion dollars.
The land is in the triangle bordered by the Ayalon Highway, Menachem Begin Street and Parashat Hadrachim Street, by Recital, for which a 20-storey high-rise is planned.
Crescent Heights means to build large apartments of four and five rooms, and to sell them at an average price of $5,000 per square meter.
The company only recently began to expand outside the U.S. Its record includes building luxury complexes in New York, Los Angeles, Chicago, Miami, Boston, Philadelphia, San Francisco and other major cities.
It recently decided to expand to other countries, including India, Japan, China and Israel.
In Israel, Kahn stepped right into the big leagues, but stepping cautiously. Each potential purchase is checked thoroughly: the very first that Crescent Heights examined fell through - as part of a consortium put together by Zvika Barinboim, Kahn mulled buying Housing & Construction. Kahn's local representative explained later that H&C is complex, and in any case the company preferred projects, not companies.
In March, Kahn found a deal he liked: the Elite complex in Ramat Gan, a 15-dunam plot with buildings rights for 70 storeys of offices and housing. Strauss-Elite was selling it for $44 million. Kahn looked at the property and the market, and recruited Donald Trump, proposing he sponsor a tower that would bear the name "Trump Plaza Tower". Trump agreed and the project is in planning stages.
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