3 protected Downtown Jerusalem buildings sold for NIS 87m

Three buildings slated for preservation in Downtown Jerusalem were recently sold to Jerusalem developer Nahum Rosenberger and companies under the control of the Osher Ad owners, for NIS 87 million. The buildings, bought from Hadas Capital, are in Mevo Hamatmid Street off of Hillel Street near the Pazgas compound behind King George Street, one of Jerusalem’s most sought after areas,

Zionist Revisionist leader Ze’ev Jabotinsky once lived in one of the three buildings, which total 1,200 square meters. Hadas Capital bought the buildings two years ago from Shlomo Eliahu, the controlling shareholder in the Migdal Insurance company.

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The high price paid for the three buildings reflects not only the fact that they are located in a high-demand area surrounded by prestigious high-rise residential projects like Jerusalem Towers and Jerusalem of Gold and Hadas Capital’s Spirit of Jerusalem, which is currently under construction, but also because Rosenberger himself is developing a 30-floor tower between 31-35 King George Street, the former offices of Pazgas, which has been approved by the Jerusalem District Planning and Building Commission. The new tower will have 250 apartments for rent, offices and commercial space.

Rosenberger and his partners are trying to expand the plan to include the entire strip of surrounding buildings on King George Street between Hillel and Shaham Street but this is a complex endeavor due to the large number of property owners involved, although the authorities are eager for such a plan to move ahead.

Published by Globes, Israel business news – en.globes.co.il – on May 11, 2022.

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