French businessman buys Tel Aviv property for NIS 119 million

In largest recorded residential real estate deal of the year in Israel, buyer acquires two floors in the Daniel Tower project, scheduled for completion in 2030

By Zev Stub

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Zev Stub is the Times of Israel's reporter on diaspora affairs and Israeli real estate.

A French Jewish high-tech entrepreneur has purchased two floors in a luxury residential tower under construction on Tel Aviv’s beachfront for NIS 119 million ($38 million).

It was the largest recorded residential real estate deal this year in Israel.

The buyer, a Paris resident who was not named, acquired the properties in the Daniel Tower project, located between Herbert Samuel and Hayarkon streets, in a deal signed one day before the election on October 27.

The deal was valued at more than NIS 145,000 ($46,600) per square meter, according to the developer, Yossi Avrahami Group. That indicates that the size of the combined apartments is some 820 square meters (2,690 square feet).

The properties were sold in shell condition, meaning the buyer will need to invest several million shekels more in finishing work and architectural customization, the developer noted.

Construction of the building began this year and is expected to be completed around 2030. The developer says it has sold 40 percent of the apartments to date.

Designed by Yashar Architects, Daniel Tower will comprise 24 floors and 57 luxury apartments, alongside a boutique hotel with 81 rooms. Most of the apartments offer sea views and private balconies measuring between 30 and 40 square meters.

An artist’s suggestion for the home’s interior (Snapshot Studio)

Yossi Avrahami acquired the rights to the building’s 6.4-dunam (1.6-acre) lot for NIS 250 million in 2019, according to Globes.

The deal was brokered by Jérémy Marciano of Webayit, which specializes in luxury projects around the country. Several months ago, he also brokered the sale of a 400-square-meter (4,305-square-foot) apartment with a 60-square-meter (645-square-foot) balcony for NIS 70 million ($22.1 million), Marciano said.

The deal comes as demand for luxury housing in Jerusalem and central cities rises, partly due to fears of rising antisemitism abroad. Uncertainty in France and other European countries has made such acquisitions more attractive for wealthy Jewish buyers from abroad, said Yaffa Sadan, vice president of marketing at Yossi Avrahami Group.

“For some, purchasing property in Israel is not just a real estate investment, but also a way to maintain a connection to the country and establish a personal and family anchor here,” Sadan said. “A transaction of this scale demonstrates demand for luxury properties along Tel Aviv’s coastline, even at this time.”