Jerusalem apartment deal hits record 15M shekels as buyers combine three units into one
The deal involves combining three 24th floor apartments into a single apartment spanning approximately 277 sqm. For comparison, the most expensive reported deal on the street in the past 12 months stood at 9.37 million shekels.
A deal to purchase an apartment in the Talpiot neighborhood of Jerusalem, worth 15 million shekels, sets a new price record in the neighborhood. The deal was signed last month at the Pardes Heights project, being built at 31 Pierre Koenig Street, on the border of the Baka neighborhood. As part of the deal, foreign residents purchased three apartments on the tower's 24th floor, which will be combined into a single apartment with a total area of approximately 277 sqm. The project is being advanced by the real estate groups Mimushim and NBS, and marketing is handled by Platinum Realty Group, owned by Abie Dayan.
The deal is unusual also relative to other deals recorded in the area. According to the companies, a review of resale deals and comparable properties in the vicinity shows that most deals in the recent period ranged from approximately 8 to 13 million shekels. A review by the Real Estate Center, based on Tax Authority data, shows that the most expensive reported deal on the street over the past 12 months was also recorded at the Pardes Heights project: a 5-room apartment spanning 161 sqm on the 21st floor, sold for 9.37 million shekels.
The Pardes Heights project comprises a 30-story tower with 145 housing units. The tower is being built opposite the Hadar Mall, in an area that has been undergoing a transformation in recent years from an old industrial zone into an urban district combining residential, commercial, employment and public space. It is one of the first projects being built under the master plan for the renewal of the Talpiot industrial area. The tower, currently under construction, is expected to include a swimming pool, a gym, a meeting room, two residents' lounges, as well as a sukkah area and a cooking kitchen on the top roof. Occupancy is planned for the first half of 2029.
NBS Group is a development company specializing in urban renewal and pinui-binui (demolition-reconstruction) projects. The company is advancing projects totaling more than 5,000 housing units and tens of thousands of square meters of commercial and employment space in Israel. Its activity includes development, planning, engineering and financing, with an emphasis on renewing older neighborhoods and establishing new residential complexes. The company's CEO is Eylon Yadin.
Mimushim is a real estate development, investment and construction group owned by Yechiel Potash, operating since 2014. The group engages in identifying, enhancing the value of, planning and advancing projects in the residential, commercial and urban renewal sectors, mainly in the Jerusalem, Beit Shemesh and surrounding areas.
