Tuesday, October 28, 2014
Under the agreement, Bank Leumi will finance the project to the tune of NIS 1.2 billion, covering the cost of construction and the guarantees to buyers of apartments in it. Taic and Bank Leumi CEO Rakefet Russak-Aminoach celebrated the signing of the agreement with a cake in the shape of the project.
Tuesday, September 23, 2014
In addition, the Commission revoked the duties imposed by the municipality to the promoters, such as the road widening, the construction of a kindergarten and a synagogue, as well as the relocation of the Orthodox girls' school Ohel Jakob to Bnei Brak.
Originally the tower was supposed to be a 30-story building and the developers seeked to increase it to 41 floors. They were then given the option to increase the tower to 38 floors in exchange for public duties. But that option was subsequently cancelled following opposition from Neve Tzedek residents.
The developer is now looking at its options as adding the additional floors after the penthouses have already been built will add further costs and delays to the delivery along with significant penalties.
UPDATE: It just took a few days for the Neve Tzedek residents association to appeal the court decision. This drama is therefore far from over. To be continued...
Source The Maker
Friday, August 1, 2014
Indeed, he just bought the "Rav Kook" site in Tel Aviv's Neve Tzedek neighborhood for NIS 130 million, not including VAT. The site lies between Hamered, Eliezer Rokach and Ein Yaakov streets. There are several historic buildings on it with strict preservation orders, a few buildings marked for demolition, and some empty lots. Among the buildings designated for preservation is the Rabbi Kook Synagogue, built in 1904, and the study hall of Rabbi Abraham Isaac Kook, who was the first Ashkenazi chief rabbi of Palestine under the British mandate. The site was owned by Yeshuati, a company controlled by US businessman Yaniv Zaguri.
Monday, June 30, 2014
The Tama 38 plan, first introduced in 2005, allows building owners to strike deals with contractors to give them additional building rights in exchange for reinforcing older buildings against earthquakes. The Pinui Binui program creates a framework for tenants of older buildings to be rehoused while their homes are demolished and rebuilt, with the contractor receiving building rights for apartments he can sell. Under the new proposal, work done under either plans would benefit from exemption from the 18% VAT either for construction or demolition work.
Tuesday, June 17, 2014
They paid the buyer NIS 16 million in compensation for transaction costs, which Electra Real Estate will report in its financial statement. The two companies owned the project on Hayarkon Street in equal shares. Electra Real Estate will report NIS 98 million in cash flow from the sale, NIS 88 million of which it will use to repay the seller's loan it gave the buyer.
Wednesday, June 11, 2014
This is all the result of American legislation, the Foreign Account Tax Compliance Act, which requires banks outside the U.S. to report accounts held by American citizens. Banks that fail to cooperate are subject to harsh sanctions. In Israel, companion legal provisions requiring banks to comply will take effect next month. An estimated 300,000 to 350,000 people in Israel have dual U.S. and Israeli citizenship. In addition to those who openly declare their overseas accounts to the American authorities, some, it is thought, have either transferred the funds held here into the names of non-American relatives or have withdrawn the funds and bought real estate in Israel.
Monday, May 5, 2014
The cheapest city was Chennai, India, where an entry-level, two-bedroom luxury apartment cost around $160,000 in March. A similar apartment in Tel Aviv cost $1.45 million. The report considered both economic factors, such as job availability and GDP, and what it termed qualitative aspects. The latter included the availability of cultural attractions and the prevalence of English as a first or second language.
Monday, February 24, 2014
According to sources, at least five apartments in the project have been sold in the past three months by owners who had bought them on plan from the developer Habas HZ Investments Ltd in 2008-10. The sellers have made handsome profits.
Most of the other sales were of 300-square meter apartments for NIS 20-27 million, depending on the floor, and whether the apartment was sold in shell or completed condition. The average price is NIS 84,000 per square meter (ie. $24,000).