Tel Aviv Apartment on Abarbanel Street Sells for Record 13.5 Million NIS
A 104-square-meter apartment on Tel Aviv's Abarbanel Street has sold for a record 13.5 million NIS. The price of nearly 130,000 NIS per square meter is driven by the premium Neve Tzedek location.
Record-Breaking Deal on Abarbanel Street
A luxury real estate transaction has been recorded at 2 Abarbanel Street in Tel Aviv, situated on the border of the fashionable Neve Tzedek and Florentin neighborhoods. A 4-room apartment measuring 104 square meters, located on the ninth (penultimate) floor of a newly constructed residential project, was sold for 13.5 million NIS. This transaction reflects an extraordinary price of nearly 130,000 NIS per square meter.
By comparison, larger apartments in adjacent projects are selling at significantly lower rates, ranging between 62,000 and 64,000 NIS per square meter. Standard 2-to-3-room apartments in the same building, averaging 69 square meters, typically close at over 4.5 million NIS (exceeding 62,000 NIS per square meter).
From Artist's Studio to Luxury Development
The site at 2 Abarbanel Street was historically known as the Uri Lifshitz Building. It served as the prominent Israeli artist's studio during his lifetime. For about a decade following his passing, it was opened to the public as an exhibition space, archive, and research center housing his estate, hosting exhibitions until approximately two years ago.
The plot, located at the corner of Eilat and Abarbanel streets, was acquired by the Netanel Group through a highly competitive Israel Land Authority (ILA) tender. The developer paid 76 million NIS for the land, which measures under 2 dunams. The planned complex features 135 residential units integrated with commercial spaces, incorporating several heritage buildings designated for preservation.
Driving Forces Behind the Premium Pricing
While the average transaction price in the Abarbanel project ranges between 61,000 and 66,000 NIS per square meter, this specific apartment commanded a massive premium due to several key factors:
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The Neve Tzedek Effect: The street marks the southern boundary of Neve Tzedek. Apartments built on this side of the road enjoy unobstructed or partial views of the historic neighborhood and the Mediterranean Sea.
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Urban Renewal: The entire street is undergoing a complete transformation, featuring widened sidewalks, upscale cafes, and the meticulous preservation of historic well houses.
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Modern Amenities in a Historic Zone: Finding large 4-room apartments equipped with a private shelter (MAMAD) and underground parking is exceptionally rare in Neve Tzedek, prompting buyers to pay a substantial premium.
This high-end momentum in the area is further highlighted by businessman Shlomo Kramer, who recently purchased a massive luxury estate in Neve Tzedek for 100 million NIS, reflecting a price of approximately 150,000 NIS per square meter.
