Three old houses on adjacent lots covering an overall 407 square meters on Bar Kokhba Street in central Tel Aviv have been sold for NIS 24.5 million. The houses include two semi-detached houses and one detached house.

The houses, each of them just 60 square meters, are very old and are slated for demolition. The owner of one of the houses was a businessman, while the owners of the other two housing units were 10 heirs. The buyer, a development company, will initiate a new project on the lot. The deal was brokered by Haim Kapustin of the DreamTown real estate agency.

A few years ago, the possibility of carrying out a combination deal on the site was raised, but disagreements that arose between the landowners prevented the deal from being advanced.

This time, when the lot was offered for sale to a third party, the owners expressed greater willingness to sit down for negotiations. "The negotiations took several months," says Kapustin.

Bar Kochba Street is in Tel Aviv rova 5 in the city center. It crosses Bograshov Street, meets Dizengoff Street, not far from Dizengoff Center, and from there continues to Zamenhof. Street The lots are on the southern part of the street, near the intersection with Trumpeldor Street. The area is characterized by the construction of 3-4 floor buildings put up between the 1950s and 1970s.

Not many deals are being carried out in the area. The prices of old apartments in the area are around NIS 55,000 shekels per square meter on average, and the new ones around 58,000 shekels per square meter.

The key question is the building rights that will apply to the lot. This issue can only be resolved by the Tel Aviv Municipality, where there is great sensitivity to the matter, especially in such densely populated. At this stage it is only possible to estimate.

The TAMA 38/1 projects that have been built in the area include five floors, above the ground floor, and a partial sixth floor and 9-11 units. Similar rights are also found in the old plan from the 1990s that currently applies to the site. It is possible that the developer will be able to slightly increase the building rights, since the building that will replace the old structures will be completely new, unlike the TAMA 38/1 projects but the size of the lot will not allow much more.

Published by Globes, Israel business news - en.globes.co.il - on May 31, 2026.

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