A half-floor over Tel Aviv: Prestigious Akirov Towers apartment goes up for sale at $13M
The 400-square-meter residence of G City’s Chaim Katzman enters market as the real estate veteran explores asset sales.
After putting up for sale control of the income-generating real estate company G City, Chaim Katzman is also offering his luxury apartment in the Akirov Towers for sale. Calcalist has learned that Katzman has hired a real estate agency and is asking approximately 40 million shekels ($13.3 million) for the apartment, which spans about 400 square meters, nearly a third of which is a large balcony.
The apartment occupies half a floor in the middle tower of the three Akirov Towers in Tel Aviv. Katzman lived there for years with his first wife, who passed away after an illness. The project’s developer, Alfred Akirov, also resides in one of the towers.
Katzman was among the first residents of the complex and purchased the apartment roughly 25 years ago. Although construction of the project was completed in 2006, the first tower was already occupied in 2002.
People close to Katzman say he intends to buy another apartment in Israel near the sea, dismissing speculation that he plans to relocate his center of life to Miami. Katzman currently divides his time between Israel, where he stays for about three to six months a year, and Miami, where he spends most of the rest of the year.
About two weeks ago, the board of Norstar, the company controlled by Katzman, which holds a controlling stake in G City, announced that it would explore the sale of part of its holdings in G City. Norstar holds a 54.3% stake in the company and is considering selling part of it to a strategic investor.
The move is intended to transform G City into a company without a controlling shareholder, thereby classifying it as a first-tier company under Israel’s Concentration Law. This change is expected to facilitate the listing of subsidiaries, primarily Gazit Israel, which owns 12 shopping centers in Israel, as well as operations in Poland.
Katzman holds approximately 30% of Norstar alongside Izac Sela, while Israel Canada holds 14.5% of the company.
Norstar emphasized that it does not intend to sell shares on the stock exchange and has hired Discount Capital Underwriting to assist in the process. The company also noted that there is no certainty the process will result in a transaction. Market sources estimate that Katzman is seeking a valuation reflecting a premium of about 100% over the market price.
G City was trading at a value of approximately 1.92 billion shekels ($640 million) at the time of the announcement and is currently valued at about 1.86 billion shekels ($620 million). Norstar’s market value stood at approximately 490 million shekels ($163 million) at the time of the announcement and has since risen to about 506 million shekels ($169 million).
The sale of around 30% of G City shares, which operates in Israel, Scandinavia, and the United States, could result in the incoming strategic investor becoming the company’s controlling shareholder.
Among those reportedly interested is Shlomi Nachaisi, who owns commercial centers in Israel and recently acquired the Planet complex in Rishon LeZion for about 300 million shekels ($100 million).
G City, formerly known as Gazit-Globe, is one of Israel’s largest real estate companies, specializing in the acquisition, development, and management of commercial centers and offices in dense urban areas.
The company returned to profit in 2025, but its stock still trades at a capital multiple of approximately 0.4. In recent years, investors have expressed concern over its high leverage and ability to meet financial obligations, and the stock has lost roughly 50% of its value. Although it has partially recovered over the past year, it remains significantly below historical levels.
