Leon tower to join Isrotel group

Leon Tower, the tower being built right next the Sea One, hosting the Royal Beach hotel will allow Isrotel to add another 234 rooms on Tel Aviv seafront. It is scheduled to be finished by 2021.

Isrotel Ltd. has notified the Tel Aviv Stock Exchange that it has leased the building which is still under construction on Tel Aviv seafront their other property, the Royal Beach hotel.

The new hotel will be part of Isrotel's Exclusive Collection, which includes the Tel Aviv Royal Beach and the Jerusalem Orient Hotel opened last year. The new 5* hotel will have 234 rooms and suites, swimming pool and spa and a 1,000 square meter conference center.

The new hotel, which is due to be completed by 2021, has been leased for 15 years with an option to extend by another 10 years. Isrotel has undertaken to pay a minimum annual rental fee (linked to the CPI) or a percentage of the annual turnover of the hotel - whichever is higher.

French hotel family buys Sea One tower

Electra Real Estate Ltd. and Oranim Ltd. have closed the sale of the Sea One high-rise project on Tel Aviv's seafront to the French Amouyal family, which operates hotels including the Meridien in Eilat, for NIS 370 million.

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.

Tel Aviv beachfront flat prices soar to new heights

In the aftermath of the 2008 financial crisis, an oft-heard claim was that while some of the mega-wealthy were hurt by the crisis, many came out of it financially stronger. One place to find backing for this claim is to look at what is possibly the most expensive strip of real estate in Israel - the kilometer-long stretch of central Tel Aviv's Mediterranean shoreline, spanning from the Dan Hotel near Tel Aviv Marina to the shell of the Dolphinarium discotheque in the south. By this measure, the rich are certainly richer. The total value of apartment sales in the area jumped to NIS 444 million in 2012, from NIS 270 million in 2010. In the first half of this year, the volume reached NIS 340 million, and real estate experts say it will reach between NIS 500 million to 600 million for all of 2014.

The main reason behind the increased volume is that more luxury apartments have come online in recent years, says Noam Dzialdow, CEO of the luxury realtor Neot Shiran. “Along the Tel Aviv shoreline, the market is almost always influenced by supply and not demand. In a market so small in terms of supply, everything that goes on sale is sold,” he says. Traditionally, the number of new developments that can be built has been constrained. The general public - the ones who don’t aspire to a seaside penthouse but simply a day at the beach - fight to ensure access and unobstructed views. Most of the original construction on streets closest to the beach are low-rise buildings, built on small parcels of land. Developers typically have to buy out multiple property owners to amass enough land to build a new project, a process that can take so many years that the building never gets off the ground.

New Sea One's Royal Beach ups the ante in Tel Aviv

The Royal Beach Tel Aviv, a new hotel in Tel Aviv, opened its doors in May. Located on the beachfront by the famous promenade, it is just a leisurely stroll from the city’s major entertainment and dining destinations. But if you are staying at the Royal Beach, you will no doubt be inclined to remain in the vicinity of this luxury hotel. Part of the prestigious Isrotel Exclusive Collection, which includes the Royal Beach Eilat, the Carmel Forest Spa Resort and the Beresheet desert resort, this new hotel offers a wide range of rooms and services for different needs. The various rooms and suites types are tailored to suit the diverse needs and desires of guests who visit the big city, be they businesspeople, honeymooners or vacationing families.

None of the rooms are small, ranging from 28 to 95 square meters. The spacious rooms and suites all overlook the sea, and most have a balcony with a panoramic sea view. Guests are invited to sink into the comfortable balcony furniture and enjoy the gentle breeze and the captivating golden sunsets every evening. The hotel’s 230 rooms and suites are the creation of master international hotel designer Harald Klein, who has left his distinctive mark on urban hotels worldwide. Klein’s avant-garde hotel concepts draw together the delights and comforts of contemporary urban design, cutting-edge technologies and the desire to provide guests with warm hospitality and the experience of sheer luxury and relaxation. In a Klein design, even the smallest details, such as light fixtures, closets, desks and TV, are given full consideration, which makes all the difference.

Sea One vacation flat sold for $4.8m

A 190 sqm flat located on the 19th floor of the 23 stories Sea One sold recently for NIS 18.5 million, i.e. $4.8m. The fat is facing the sea and has two balconies totaling ​​25 square meters as well as two underground parking spots.

The Sea One is located near the shore of Tel Aviv, on a plot of four acres, between Hayarkon and Herbert Samuel. The building which is due to open its doors this spring will also be the home of a luxury hotel managed by Isrotel under the Royal Beach brand, a shopping area, a pool overlooking the sea and a public parking lot. The tower had made the news in 2009 when Russian oligarch Valery Kogan bought the penthouse for 110 million ($28 million) -- the most expensive flat ever sold in Israel at that time (the record has since been broken by Eyal Ofer).

Royal Beach Hotel to finally open in March 2013

The Isrotel group announced today that its new Royal Beach luxury hotel located within the Sea One has started accepting bookings from May 1st onward. Prices start at $340 per room, breakfast included. The official opening is March 1st. The new hotel boasts 230 rooms and suites across the beach of Tel Aviv and was designed by German interior designer Harald Klein, who is a leading interior architect and who has extensive experience in designing some of the best hotels in the world. With 23 floors, the hotel will offer its hosts spacious rooms of various types, most of which with sea view, modern communication services, gourmet kosher food, an innovative bar, a large swimming pool overlooking the sea, a state of the art spa and a business lounge.

"I believe the new hotel will be a leader in Tel Aviv. I have no doubt that once opened, the values that will define the Royal Beach Hotel in Tel Aviv will be: quality, excellence and luxury" said Lior Raviv, the CEO of Isrotel.

Royal Beach Hotel Tel Aviv will part of the growing luxury segment of the Istrotel group that includes such hotels as Royal Beach Hotel Eilat, the Carmel Forest and the Genesis Hotel in Mitzpe Ramon.

Source Megafon

More pictures from White City Residence

Just check the slideshow below for more pictures of White City Residence as well as the other skyscrapers going up in the neighbourhood.

Hat tip Ran Moneta.

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Dolphinarium to be razed at last

The seaside space occupied by the neglected remains of the Tel Aviv Dolphinarium will be developed into a new boardwalk, the city decided yesterday. The Tel Aviv Planning and Building Council reapproved the plan to renovate the site into a public space but the city will need to buy out an 18.5-dunam area from a private lease-holder, Yossi Buchman.

In exchange, Buchman will get a 12-dunam area near the Hassan Bek Mosque on Hayarkon Street, on which he can build two residential towers and a hotel: 48,000 square meters in total built-up area, according to approved rights for the spot. Buchman is being asked to pay 31.5% of the difference in value between the land by the mosque and the land on which the remains of the Dolphinarium are situated. An appraisal dating from 2008 priced the land by Hassan Bek at NIS 500 million, while the value of the Dolphinarium land was priced at NIS 80 million. Buchman will have to pony up more than NIS 120 million, not including betterment tax.

The plan to develop the defunct Dolphinarium has been held up for more than 10 years, in part because the municipality, Buchman and the Israel Lands Administration couldn't agree on money issues. As similar plan won approval in 2002, but was torpedoed by continued haggling. Observers in the real estate sector think it may take around two years for the land deal to go through. During that time the city will continue to negotiate with Buchman over evacuating and razing the Dolphinarium.

The Dolphinarium began its life as a dolphin-centric aquarium, but was abandoned in the mid-1980s as the company running the venue stumbled into financial trouble. It was acquired by Buchman's company, Sha'ar LeYisrael. The Dolphinarium building consists of one underground story and two above ground, some of which is used for entertainment venues and some of which has been abandoned. The city of Tel Aviv wants to create a continuous boardwalk from Bat Yam to Herzliya. The Dolphinarium building was the only obstacle after certain buildings belonging to the Gordon Swimming Pool and the Reading Power Station were razed. Peer Weisner, deputy mayor of Tel Aviv and acting chairman of the local Planning and Building Committee, said he opposes the deal. "The city of Tel Aviv should revert to its previous resolution and expropriate the land from [Buchman]," Weisner said.

The Dolphinarium has an infamous reputation in Israel, after a suicide bomber attacked a line of party-goers outside a club there on June 1, 2001, killing 21 and injuring 132. Most of the casualties were immigrant teenagers from the former Soviet Union.

Source The Marker

Sea One Hotel will be operated by Isrotel

The Isrotel group signed recently with Electra Real Estate to operate the hotel part of the prestigious Sea One. The hotel is expected to open during 2012. It will have 230 rooms and the lease will be for a period of 16 years with extension options. According to the agreement, the Isrotel Company will pay an annual rent of NIS 15.4 million a year or a percentage of the hotel revenue, whichever is higher.

Shlomo Sherf CEO Electra Real Estate, said: "Isrotel has enormous experience in luxury hotels around the country, and we are convinced that they are the appropriate management company for a luxury hotel such as the Sea One. We believe that the hotel will be one of the major accommodation centers for business people who come to Israel and will become a leading brand in in Israel." After signing the agreement Lior Raviv, CEO of Isrotel said: "The new hotel will be different from the hotels we know today in Tel Aviv. We will offer a contemporary hotel, unique and modern. The hotel will be designed by the German interior designer Harold Klein, who has extensive experience with the best hotels in Europe."

In addition to the hotel, the Sea One Project, located in an area of 4 hectares between HaYarkon and Herbert Samuel streets, will include a residential complex, commercial areas, a pool overlooking the sea and a public parking lot. Lastly, the project received this fall a building permit for the addition of 10 floors, which will include hotel rooms and luxury apartments. The project is considered one of the most prestigious to have been built recently in Tel Aviv, and last year it made the news when a Russian businessman bought the penthouse with an area of 1,100 square meters for NIS 110 million.

Fancy a penthouse in Tel Aviv?

Penthouse sales have reached new levels in the last few years in Tel Aviv. Last year, for example, the penthouse in the Sea One project was sold for NIS 110 million. Even more recently, Eyal Ofer bought the top flat at Ofer Tower, also on Herbert Samuel Street, for a cool NIS 115 million.

If you fancy a penthouse too, here is a sample of what's available on the market...

NIS 33 million - USD 9 million

Location: Koifman Street

Floor: 4

Flat Size: 800 sqm

Terrace Size: 120 sqm

Landscape panoramic sea view

Maintenance: NIS 8,000 / month

The apartment's ceiling is about six feet tall, has no external walls and is surrounded by a glass wall overlooking the sea. The apartment is on one level and includes, private indoor pool, sauna and Jacuzzi. Penthouse is owned by a foreign resident who bought the apartment a few years ago and uses it as his holiday apartment. He recently bought another apartment, no less prestigious, and has therefore put this one on the market.

NIS 25 million - USD 7 million

Location: Dubnov Street

Floor: 7

Flat Size: 460 sqm

Terrace Size: 130 sqm

View: 360 degrees of full cityscape

Maintenance: NIS 300 / month

The apartment is located in the city center, but in a quiet area and close to cultural and entertainment centers. It has seven bedrooms, four bathrooms and a shower, high ceilings (3.40 meters), central vacuum and heating-floor. Apartment building has three parking spaces. 

NIS 5.5 million - USD 1.5 million

Location: Alexander Argov Street 

Floor: 2-3

Flat Size: 170 sqm

Terrace Size: 80 sqm

Landscape: a neighborhood park

Maintenance: NIS 2,200 /month

The apartment is a duplex penthouse renovated last year invested at a cost of one million shekels. It includes four bedrooms, high quality flooring, with a mosaic ceiling in the bathroom and has a living room window which provides light all day long. The apartment building  includes an Olympic pool, a jacuzzi, a sauna, a steam room and 24 hour a day maintenance. 

NIS 11 million - USD 3 million

Location: Hamelits Street

Floor: Fifth sixth floors

Flat Size: 250 sqm

Terrace Size: 70 sqm on the top floor

View: 360 degrees

Maintenance: NIS 550 / month

The apartment is in a new building next to Meir Garden in Tel Aviv. The penthouse was designed and built for a couple, so it includes only two bedrooms. All accommodation services are located on the first floor, the second floor includes two rooms, a kitchenette, a bathroom and a 360 degree balcony. The flat has two parking spaces and an private lift. The design was done by an architect specializing in the design galleries, and includes a mosaic bath, a raised black parquet in the bedroom, parquet floors, windows and closets throughout the apartment with Chinese designs in all baths. 

NIS 7.5 million - USD 2 million

Location: HaGanim Street in Ramat Hasharon

Floor: 16

Flat Size: 200 sqm

Terrace Size: 100 sqm

Landscape cityscape of Tel Aviv, Petah Tikva, Ramat Gan, Netanya Sea

Maintenance: NIS 500 / month

The apartment is the highest in the region, as all the buildings in the neighborhood are up to ten stories only. The penthouse is on one level, it has high ceilings and a design made of bright shades of metallic purple mosaic. There is is a huge 50 sqm bedroom, two additional bedrooms and a study. Building has two covered parking spaces.

NIS 9.6 million - USD 2.6 million 

Location: Isrotel in Hayarkon Street 

Floor: 22

Flat Size: 194 sqm

 Terrace Size: 50 sqm

Landscape panoramic sea view, from Jaffa to Herzliya

Maintenance fees: about NIS 2,400 a month

The apartment was designed so that it includes only one bedroom with a balcony area of 10 sqm, the rest of the apartment being the living room and kitchen. The building includes a gym, a swimming pool and a convention hall lobby. The adjacent penthouse is also for sale so you can purchase both flats for a total of 316 sqm and USD 3.4 million.  

NIS 100 million - USD 27 million

Location: Corner Nehardea  & Barry 

Floor: 30-31

Flat Size: 1,000 sqm

Terrace Size : 80 sqm

View: State Square, Central Tel Aviv to the sea

Maintenance: NIS 14,000 / month 

Almost impossible to find an apartment this size in town. The penthouse was built on two floors and was designed by architect Moshe Tzur. The building is the heart of Tel Aviv and includes a swimming pool, gym, a residents club and 24 hours security.

NIS 76 million - USD 21 million

Location: Yitzhak Elhanan Street - White City Residence

Floor: 40

Flat Size: 578 sqm

Terrace Size: 115 sqm

Landscape: panoramic sea view

Maintenance: NIS 8,000 / month

The project is currently under construction. The apartment is on one level and located in the picturesque neighborhood of Neve Tzedek, about 300 meters from the beach. The apartment design is done by the Italian designer Giorgio Armani. It includes a Jacuzzi for ten people on the roof overlooking the sea.

NIS 3.6 million - USD 1 million

Location: Montefiore Street 

Floor: 4-5

Flat Size: 100 sqm

Terrace Size: 15 sqm on the lower level, 55 sqm on the top floor

Scenery: Sea

Maintenance: about NIS 450 / month

The project is currently under construction. A boutique located in the heart of the historic fabric of the White City, minutes away from the cultural center, recreation and shopping. This duplex penthouse has four rooms on the lower floor and a spacious suite on the top floor. Granite porcelain flooring, electric roller shutters equip the flat. Included in the price is an underground parking.

NIS 39 million

Location: Herbert Samuel Street - Sea One Project

Floor: 20

Flat Size: 300 sqm

Terrace Size: 30 sqm

Landscape: the sea and along the promenade - Jaffa, Tel Aviv Marina

Maintenance: NIS 4,400 / month

The project is currently under construction. The apartment includes three bedrooms, each room with a sea view. Apart from panoramic views, high ceilings are planned at a height of six meters. The residential building will also house a hotel, but with a clear separation of the two - a separate parking, separate elevators and separate entrance lobby. However, tenants will benefit from services of a five-star hotel.

Source The Marker

Eyal Ofer buys Israel's most expensive apartment

Eyal Ofer, the son of Sammy Ofer and the brother of former Israel Corporation chairman Idan Ofer, has bought Israel's most expensive apartment. He paid NIS 115 million ($30 million) for a duplex penthouse in a 20-story seafront building in Tel Aviv owned by his family's firm, Ofer Brothers Properties.

The building is at the corner of Daniel Street and Herbert Samuel Street, opposite Tel Aviv's seafront promenade.

Eyal Ofer broke the record for Israel's most expensive apartment, which was held by Russian oligarch Valery Kogan, who bought a project in the Sea One seafront project down the street in Tel Aviv in 2009 for 110 million ($28 million).

Eyal Ofer handles Ofer Holdings Group's international real estate business. He has been involved in a number of projects in recent years, including the purchase of headquarters of drug company Alteria LLC in 2007, and the construction of residential high-rises in Manhattan.

Eyal Ofer's family resides in London, and he splits his time between London, New York, and Israel, though he spends little time in Israel. He owns a number of homes, including in Herzliya Pituah, New York, and London.

Source Globes