A year after one of the most interesting properties in Tel Aviv was purchased for NIS 273 million, the project entrepreneurs have begun to market apartments. So how much will an apartment where the theater stood cost you?

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About a year and a half after one of the most desired land reserves in Tel Aviv, the Weizmann St. lot on which the Beit Lessin Theater stood, was purchased by a group of investors for about 237 million NIS, the entrepreneurs have begun to market residences.

The Beit Lessin lot was bought in April 2015 by GF Real Estate, under the management of Eyal and Tal Friedman, along with a group of investors holding equal shares of the rights. At the time, the deal was considered complicated because the ownership of the property had been divided among numerous parties including the Azorim Co. controlled by Hershy Friedman, which held part of the property through combined means, and a separate company owned by many partners. Israel’s leading real estate companies competed to handle the sale.

Photo Credit: Viewpoint

The total investment in the project is estimated at 500 million NIS and according to the entrepreneurs’ assessment, construction will be completed in three years.

The Beit Lessin complex consists of two buildings, a luxury residential tower and an adjacent commercial building. The commercial building already exists and is known as Beit Lessin. Once it undergoes a complete renovation, it will continue to function as it does currently, i.e. a revenue-generating property that includes 3 stories with a blend of offices, shops, a coffee shop, and banks.

The residential tower will occupy approximately 13,500 m² and reach a height of 26 floors. It will feature 54 apartments to be marketed at NIS 55-100,000 per m². Most of the apartments will measure 150 m², 180 m², or 200 m², though the tower will also have smaller apartments of 80-110 m².

Photo Credit: Viewpoint

Similarly, the project will have duplexes that occupy double the area; apartments that occupy entire floors, measuring 400 m²; and a penthouse that occupies the two top floors, covering about 600 m² and boasting its own private swimming pool. The project will also have a fitness center on the second floor, above which on the third, the pool will be located.

Among the apartments now offered for sale are a 2-room, 80-m²-residence with a 9m² balcony, starting at 4.6 million NIS; a 3-room apartment measuring 155m² with a 20-m² balcony, staring at 9.8 million NIS; and a 4-room apartment measuring 212m² with a 22m² balcony, starting at 13.3 million NIS.

The Beit Lessin Tower was designed by Yassky-Mor-Sivan Architects with architects Pitzo Kedem, Irena Goldberg, and Sigal Baranovitz handling design of the public areas and interior spaces. The two firms took pains to maintain the Modernist aesthetic motifs that characterized the Lessin Theater, constructed in the 1960s. For example, along the entire two-level lobby runs a black reflecting pool into the stones of which the text of a play has been scorched. The Brutalist architecture of exposed concrete that characterized the public building housing the theater is afforded in the new tower a richness of many forms illuminated by the play of light in the building’s internal spaces and external sections.

To contact Ranit Nachum Halevi, click here

Photo Credit: Viewpoint