Monday, February 12, 2018

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.

Monday, September 11, 2017

Tel Aviv high-tech accounts for 1 in 10 jobs in the city

If there was ever any doubt that Tel Aviv is the beating heart of the startup nation, a new report by Tel Aviv Global settles it. Not only does Tel Aviv have 2,000 high-tech companies, but one out of every 10 jobs in the city is in the high-tech sector.

The report is based on data conducted by IVC Research in preparation for the DLD Tel Aviv Innovation Festival taking place this week. Tel Aviv Global is a municipal agency that manages various incentives for entrepreneurs setting up in the city.

The new report points out that the city has doubled the number of international R&D centers over the past five years – from 35 in 2012 to 73 in 2017. Well-known international companies now having a tech presence in Tel Aviv include Visa, Renault-Nissan, Bosch, MasterCard, Google, Facebook, Amazon, Coca-Cola, Microsoft, AOL, Samsung, Siemens, PayPal, Deutsche Telekom, Citibank, Intel, Yahoo, Barclays, IBM and Apple.

These international R&D centers provide over 6,200 jobs, according to the report. The 2,000 total high-tech companies in Tel Aviv, moreover, constitute about a quarter of the number of companies in the high-tech sector in Israel overall.

What kind of high-tech companies open shop in Tel Aviv? It used to be more seed-stage companies, but that’s shifted to more R&D-stage companies. “This shift in the composition of startups is evidence of a maturation of startups in the city and their progression from idea stage to a process of research and development,” Tel Aviv Global commented.

Tel Aviv’s interest in attracting more international R&D centers is key for the future of the entire industry, Tel Aviv Global CEO Eytan Schwartz said the agency is “working with our governmental partners on continuing the process of attracting international R&D centers; opening international accelerators; encouraging foreign entrepreneurs to work in the city; and promoting the activity of global corporations with an emphasis on Chinese companies.”

Tel Aviv Global isn’t the only organization that sees the value of Tel Aviv’s intense concentration of startups. The website called Tel Aviv “one of the world’s best startup hubs.”

Source Israel21c

Monday, July 31, 2017

Nahalat Binyamin revival gaining traction

The Nahalat Binyamin pedestrian mall with its arts and crafts market is located in central Tel Aviv, several hundred meters from Rothschild Boulevard, near the White City and close to the prestigious homes in Neve Zedek. The street has an unusual concentration of unique architecture. It nevertheless seems, however, that the place is stuck in a time warp. The public space is neglected and rather dirty, the buildings are in a poor physical state, the backyards look like junkyards, and the businesses are outdated. Nevertheless, several new projects were completed this year, and marketing recently began of apartments in HaAmudim House at the intersection of Rambam and Tavor Streets.

The mall area drew quite a lot of public attention in 2001, when developer Ruth Speiser, who was born in the 1950s as a rent-controlled tenant in the house at the intersection of Rambam and Tavor Streets and slowly accumulated properties in the area, announced her intention of setting up a "quarter" that would include a boutique hotel and luxury apartment buildings. Speiser's ideal was innovative, because it mentioned for the first time shared management of the street. The plan included preservation and reconstruction of all the buildings marked for preservation with additional construction, demolishing buildings in the area not marked for preservation, and building new residential buildings in their places.

According to this plan, commercial space and an underground parking lot with 1,500 parking spaces would be built. One of the plan's interesting ideas was developing backyards and creating immediate access to Allenby Street. "A living dream," she told "Globes" in early 2004, "is rejuvenating the home and street on which you were born."

Not much has happened in the area in the 16 years since the heralded launch of the "quarter" plan. The large debts troubled the developers, the banks lost patience, and the buildings that Speiser and Lehi bought moved from hand to hand. In 2007, Nicholas Berggruen acquired six buildings (Michael Chernoy was previously in negotiations that did not succeed). The buildings were sold to YH Dimri Construction & Development Ltd in 2010, which sold Tamar House to French investor Gerard Bentolila for NIS 35 million in 2012. On June 9, Dimri reported that it had signed an option agreement (not for the first time) to sell three more properties on the street: one at 18 Rambam Street, one at 12-16 Rambam Street, and one at 44 Hatavor Street.

Thursday, July 13, 2017

30% increase in luxury home acquisitions in Tel Aviv

Sun-seeking multimillionaires are snapping up second homes in Tel Aviv, according to a new report from market research group New World Wealth.

The beachside city in Israel isn’t the only hotspot attracting more wealthy sun worshippers. Miami; Palm Beach, Florida; Dubai and Sydney also saw a significant jump in their cohort of second-home owners worth upward of US$10 million, according to the report published last week. Both Tel Aviv and Sydney saw a 30% increase between 2015 and 2016, according to New World Wealth, which is based in Johannesburg, South Africa. The Mediterranean metropolis gained 600 more multimillionaires in 2016, up from only 2,000 the year prior. Meanwhile, there were 3,500 multimillionaire second-home owners in Sydney last year, compared to 2,700 in 2015.

In total, New World Wealth, which rounds figures to the nearest hundred, estimates that there are 522,000 people worth US$10 million or more spread across the globe. The vast majority of those individuals, some 87%, own more than just a primary residence, the group said in its news release.

Monday, March 27, 2017

New TLV Fashion Mall to open this month

Right next to Sarona the Gindi TLV Fashion Mall has just opened its doors. Built on the ruins of the wholesale market, the center contains most fashion brands, including H&M, Zara, Fox, Castro, Factor 54, Forever21, as well as several international brands opening their first shop in Israel, such as COS, Dior Boutique, Zara Home, Rag & Bone, Juicy Couture, or Adidas Originals. Another chain to open up in the mall is Super-Pharm, which just closed its store at the corner of Carlebach and Hahashmonaim. Only a subset of the 180 plus stores scheduled to open in the mall will be open on day 1. On the launching night, the company promised that over 100 stores would be open. The main attractions, such as the COS and Zara Home branches, will not be open on the launching night however; their opening is slated for early April.

The mall was originally scheduled to open in April 2015, but that was postponed several times. According to Gindi TLV CEO Mordi Shabat, the delay was not due to difficulty in finding tenants for the stores. "The late opening of some of the stores resulted from demands by the chains' headquarters overseas, some of them merchants doing business in Israel for the first time, and some of which are undergoing a change in concept," he said, adding, "the engineering complexity of the project, which is part of a complex composed of public centers, not just a shopping center, involves a very difficult engineering challenge, and led to two postponements of the opening date."

Sunday, March 12, 2017

Kahlon discovers the Laffer Curve

Home purchases in Israel by foreign residents fell to 2,241 homes in 2016, down 31% from 2015, according to figures provided by the Ministry of Finance. The sharpest fall was in Jerusalem where home purchases by foreign residents fell by 41% with a 25% fall in the Tel Aviv and Netanya regions. The fall in home purchases in Israel by foreign residents was far sharper than in the entire market and means that only 2% of homes now purchased in Israel are bought by foreign residents. The sharp fall was due not only to Minister of Finance Moshe Kahlon's actions, including raising the purchase tax from 5% to 8-10% on luxury apartments, in addition to the elimination of the exemption from betterment tax that took effect in 2014, but also the strengthening of the shekel, making it more expensive for foreign residents to buy homes.

There was not a single housing deal over NIS 50 million in 2016, whereas there were several such deals in the previous year and several deals worth more than NIS 100 million in 2014. In Jerusalem, only two luxury apartments (over NIS 10 million) were bought by foreign residents in 2016, down from 12 in 2015. Nevertheless, there was no shortage of major deals last year, with 19 of the 30 most expensive real estate deals last year in Tel Aviv.

Tuesday, January 17, 2017

New Shuk Rothschild Allenby is now open

Right underneath the Meier on Rothschild building, the new Shuk Rothschild Allenby just opened its doors.

Following hot on the heels of the Sarona Food Market and Shuk HaTzafon, the new Shuk brings some exotic and high quality food stores and restaurants in the south of Tel Aviv.

Whether you live in Tel Aviv all year round whether you're just a tourist visiting the White City, you need to go visit this new place for the following reasons:

1. The Location! It’s on the corner of Rothschild and Allenby, in Tel Aviv’s most up-and-coming area!

2. It’s open 7 days a week!

3. It’s open in the evening, a great place to stop and get some munchies after a long night on the town! Coming soon there’s going to be live music and shows.

4. Some of our old favourites are going to be there, including Bunny Chow (get a free drink with your meal with the Secret Tel Aviv VIP Card) and HaMalabiya.

5. Some cool new additions to the Tel Aviv street food scene, including Mexico City and Chipsea Kings (what an awesome name!).

6. Plus some cool fresh food shops, including Master Fish and a fruit and veg stand – great for shabbat shopping!

This part of town was already popular for the Shuk HaCarmel. This new addition that expands the available range of options is very welcome.

Source Secret Tel Aviv

Tuesday, December 20, 2016

Penthouses in White City Residence officially on sale

After a soft launch that lasted almost a year, penthouses in White City Residence are now officially on the market. One such penthouse (there are 7 of them) which has been put on sale for NIS 100m occupies 360 m² of the 29th floor and features a 120-m² terrace. That's more than $55,000 per square meter if you account for the terrace at 50% if its surface like it's the market practice.

It will be decorated and accessorised by the Armani studio. White City Residence is located on Yitzhak Elkhanan St. at the edge of the Neve Tzedek neighbourhood, adjacent to Rothschild Ave. Until several years ago, Yitzhak Elkhanan St. near the Carmel Market was considered a neglected area with a relatively low real estate value. But over the last decade, the face of the neighbourhood has changed to the point that it now boasts many luxury developments such as this 161-apartment project. In practice, most of the buyers purchased multiple apartments and connected them, therefore, the current number of apartments totals about 95.

Wednesday, December 14, 2016

Founders of Mobileye move into Meyer on Rostchild

Amnon Shashua chairman of the extraordinarily successful Mobileye company and Ziv Aviram, its CEO have snatched 2 extensive flats in the recently completed Meier on Rothschild.

Amnon spent NIS 80m ($21m) for the penthouse spanning floors 41 and 42 while his co-founder went so a more modest 300sqm flat on the 28th floor for just NIS 30m ($8m). The penthouse extends over 600 sqm, has 100 sqm of terraces overlooking the city and Mediterranean sea and has its own swimming pool and sauna.

In 2012, Eyal Waldman, the CEO of Mellanox had made the news after purchasing a flat on the 31th floor for NIS 19m ($5m). The founder of social gaming company Diwip, Yaniv Gamzo, also bought 2 flats in the tower, one that he rents and the other that he lives into.

You can check the view from the penthouse in the video below:

Source Calcalist

Wednesday, November 30, 2016

Dolphinarium: Surfers to replace dolphins...

After years of acrimonious battles, Dolphinarium deal seems finally underway.

The Appeals Commission from the Regional Planning Committee rejected earlier this month the appeal filed by the the various opponents to the project. Key to the success of the project, was the decision from the Tel Aviv Municipality to promote a plan designed by architects Zionov and Vitkon to build a sports center for surfers in place of the now derelict Dolphinarium.

Under the program, the abandoned complex, which covers over 21 acres of which 3,500 square meters are built, will be demolished and replaced by a small community center dedicated to sports activities. Total size will be around 750 square meters, of which 500 be dedicated to surfboards and equipment storage, offices, classrooms and changing rooms. The other 250 sqm will be used for a cafe or a restaurant. The rest of the area will be open to the public. The municipality reckons that it should take less than a year. But if history is any guide...

Source Timeout