Israel’s costliest home in 2022: NIS 173m

In the highest-value real estate deal in Israel last year, a 1,000 square meter house on Galei Techelet Street in Herzliya Pituah was sold for NIS 173 million, “Globes” reports for the first time. The buyer was apparently an Israeli businessperson. The price puts this deal ahead of the one in which Roni and Ifat Irani bought a three-floor penthouse in the Shalom Meir Tower in Tel Aviv for a reported NIS 145 million.

According to data published on the Israel Tax Authority website, there were three deals on Galei Techelet Street, the most expensive street in Israel, last year: a 375 square meter house at number eight on the street sold for NIS 11.7 million; another house, 651 square meters, at number eighteen, sold for NIS 22.3 million, and a third house, at number 56, sold for NIS 100.8 million. This last purchase, first reported by “Globes”, was by Teddy Sagi.

The wide variations in price stem from the states of the properties, the land area, and, most of all, the views from them. The most expensive homes on the street are the higher even numbers, on the west side, which afford extensive open sea views.

The street has the most expensive home in Israel at number 40, which was bought by the late Sheldon Adelson in 2020 for NIS 230.35 million from the US government. The unique 1,000 square meter house on a 5,000 square meter lot previously served as the residence of the US Ambassador to Israel.

Teddy Sagi himself already owns 46 Galei Techelet Street, which he bought in 2010 from tech entrepreneur Zaki Rakib for NIS 145 million. Rakib himself had bought the house from Austrian businessman Martin Schlaff for NIS 101.3 million in 2005.

In 2021, Sagi also bought 13 Galei Techelet Street – a 650 square meter house on a 1,500 square meter lot on the east side of the street for NIS 43.5 million from Michel Taman.

Besides the three transactions listed on the Israel Tax Authority website , there was another deal in 2022, previously unreported, in which a company of which law firm S. Horowitz & Co. is trustee bought the house at 66 Galei Techelet Street from Israeli-Russian businessperson Boris Kuzinez for NIS 173 million. The house is 1,000 square meters in size, on a 1.3 dunam plot. S. Horowitz refused to comment on the matter, but it would appear that the person behind the deal is an Israeli businessperson.

Kuzinez bought the house thirteen years ago for NIS 82 million from Michael Kaufman, formerly CEO of Alcatel-Lucent Israel.

Published by Globes, Israel business news – en.globes.co.il – on February 12, 2023.

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