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The Deal:
A 5-room apartment with an area of 297 square meters, in the “Migdal HaGan” building—better known as the “Pivko Tower”—located at 2 Haruzim Street in Ramat Gan, was sold for 9.45 million shekels.
The apartment is on the 14th floor of the building and comes with three balconies, with a total area of approximately 15 square meters.
About the Project:
The unique building was designed by architect Ilan Pivko, “with a 12-meter-high dome made of steel construction and glazed with transparent materials.”
The plan was approved 27 years ago, and the development company, Yahalomei Cnaan Development and Investments Ltd., constructed the tower in 2003.
Despite the small number of apartments in the tower—only 11—sales were particularly slow and stretched out over several years.
Not many second-hand transactions have taken place in the project. The last transaction recorded by the Tax Authority took place four years ago, involving a 4-room apartment of 145 square meters on the ninth floor, which was sold for 6.4 million shekels.
Unlike most of our weekly deals, there is no point in comparing the apartment’s price to other apartment prices in the area.
This is a unique project, unlike anything nearby or even in the wider region.
It’s enough to say that Haruzim neighborhood is considered a good and desirable neighborhood in northwest Ramat Gan, as reflected in the large number of TAMA 38 (urban renewal) projects that have taken place there.
But comparing that to what happens in the Pivko Tower? That’s a whole different story.
It should be noted that the techniques we used are not formal appraisal methods, but they are commonly used in the real estate industry to assess unique properties, or those with no comparable sales nearby.
The Broker’s Statement:
Adam Dreyfuss and Roie Kaner from Montefiore Real Estate Group, who brokered the deal on behalf of the sellers, said:
“This is a large and uncommon deal in terms of price for Ramat Gan, in one of the most unique towers in Israel, located right inside Yarkon Park. It’s also the first luxury tower ever built in the city.”
They emphasized that the apartment is in need of renovation and estimated that the price was fair for both sides.
Bottom Line:
Hundreds of new towers have been built since Pivko Tower was constructed, but it remains iconic due to its unique and controversial appearance.
Despite the special location, massive apartment sizes, and unique design, it seems the combination of a huge apartment in a distinctive tower in Ramat Gan influences the price—especially since the apartment requires renovation.
Link to the full article:
https://www.globes.co.il/news/article.aspx?did=1001519370
