Luxury Apartments in Tel Aviv Set New Price Records

The David Promenade Residences may have just set a new price record for luxury apartments in Tel Aviv this year, as two units were sold for a price of almost $26 million each.

The deal

The sale was closed by two agencies in Tel Aviv named Neot Shiran and Holland Real Estate and they disclosed that the two families that bought the apartments paid about NIS 88 million each for the apartments.

The apartments comprise of a living space of about 438 square meters, which is around 4,715 square feet. There is also a terrace that measures 145 square meters, or 1,561 square feet.

This can fit a swimming pool. These are two-story penthouses that have living room ceilings about six-meter, or 20-foot high.

The apartments are located on the 24th and 25th floors and boast panoramic city and sea views. The agency said that the apartments had been bought in shell condition.

This means that the owners will now complete the apartments according to their own specifications. The total price for the two apartments is around NIS 176,000,000, or $51,187,000.

The price includes a cost of NIS 200,000 per square meter, which does not include purchase costs and finishes and is significantly higher than the normal luxury price of this year.

The David Promenade Residences

Located on the coast of Tel Aviv, the David Promenade Residences is a 28-story building right next to the David Kempinski Hotel.

The five-star hotel had opened up earlier this year and is located across from the waterfront. Residents of the apartment building can take advantage of the hotel’s perks.

These include the spa, the restaurants and also the room service. Feigin Architects designed the David Promenade Residences and have the Nahal Group’s backing.

The Israeli firm that designed the building has been working since 1963 and is behind a number of notable projects.

These include the King David Tower and the David InterContinental Hotel in Tel Aviv, the Waldorf Astoria, the Grand Court Hotel and the David Dead Sea Resort & Spa Hotel in Jerusalem and the Royal Beach Hotel in Eilat.

Other sales

The two units are not the only ones in the David Promenade Residences to have been sold recently. The sales of the tower were brokered by Neot Shiran and Holland Real Estate.

They disclosed that the four residences that they had sold in the past couple of months had a combined price tag of $72,700,000.

Anyone looking for modest prices should note that a finished apartment had been sold for NIS 30 million since June. This includes living space of 208 square meters and a balcony of 70 square meter.

Another apartment was sold in shell condition for a price of NIS 22 million, including living space of 158 square meters.

Last year, a two-floor penthouse in the David Promenade Residences had been sold in shell condition for about NIS 108,000.

It was on the 20th and 21st floor and comprised of a living space of 680 square meters as well as substantial terraces.

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