10 dunams in central Jerusalem hit the market for $140 million
The Benin complex has approved development rights for two residential towers with 295 apartments, hotel buildings with about 200 rooms and roughly 50,000 square meters of primary floor area.
The Benin complex, one of the most significant development projects expected to be built in central Jerusalem over the coming decade, is being put up for sale by the estate administrators of Albert Benin, with a starting price of NIS 420 million ($140 million).
The property spans approximately 10 dunams between Jaffa Road, HaNevi’im Street and Raoul Wallenberg Street. Its approved master plan allows for two residential towers, hotel buildings, commercial space and public buildings, alongside the preservation of several 19th-century structures. The estate administrators value the property at approximately NIS 500 million ($166.7 million).
Albert Benin was an Israeli millionaire who lived in Jerusalem and died unmarried and childless in 1999. He owned extensive tracts of land in the city, including the property now being offered for sale, which he bequeathed to the United Jewish Appeal (UJA) of New York.
The proceeds from the sale are expected to be transferred to a scholarship fund for students in Israel. The sale is being led by the estate administrators, SMP Law.
The complex is expected to become a major focal point in central Jerusalem because of the scale of the planned development and a heavy-rail station that will eventually form part of the project.
The master plan, approved in 2023, permits the construction of two residential towers, 29 and 31 stories tall, containing a total of 295 apartments. It also allows for hotel buildings with approximately 200 rooms.
The complex has approximately 50,000 square meters of primary floor area, including about 25,000 square meters designated for residential use, 10,000 square meters for hotels and 14,000 square meters for commercial space.
The plan also covers an adjacent parcel where a third residential tower has been approved. However, the development rights for that tower are not included in the sale of the Benin complex.
The new construction is planned alongside several historic buildings designated for preservation. These include Beit Navon, an elaborate private residence built for Yosef Navon Bey, who purchased the property in the late 19th century; the 19th-century Kaminitz Hotel; and Beit Pasha.
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The preserved buildings are planned to be used for hotels, commercial space and employment.
The sale follows years of planning proceedings. Benin had sought to advance a new plan for the complex and instructed the administrators of his estate in his will to continue the process.
The deadline for submitting bids is December 3, and bidders will be required to provide a NIS 35 million ($11.7 million) guarantee.
A major element of the project is the railway station planned as part of the extension of the line from Yitzhak Navon Station at the entrance to Jerusalem into the city center and eventually to Khan Station.
The station will include above-ground and underground passageways, with buildings in the complex connected directly to them. Developers will be required to comply with agreements with Israel Railways under which the land for the station was sold to the state.
Construction work on the station has already begun.
