January 26, 2020

Reisdor to build two office towers in Bnei Brak

Guy Nardi, Globes, 26.01.2020

Real estate company Reisdor Development Ltd., headed by Yaki Reisner, has won an Israel Land Authority auction of 4.2 dunams (1.05 acres) of land on Lehi Street in north Bnei Brak, zoned for office and commercial development. The company will pay NIS 55 million for the land, which includes infrastructure development costs. Surprisingly, Reisdor was the sole bidder in the auction.

The plot is included in zoning plan 1045 covering an area of 788 dunams (197 acres) between the Yarkon River, Em Hamoshavot Road, Mivtza Kadesh Street, and Road 4. The plan is partly for residential construction.

The current purchase comes six months after Reisdor bought an adjacent four dunam (one acre) plot together with another company, in an Israel Land Authority auction, for NIS 57 million. The current purchase enables the companies to go ahead with a plan to build two 21-floor office towers on the combined block of land, which will also have commercial space and an underground car park. According to Reisner, the area will compete with Ramat Hahayal as a business district, and will benefit from proximity to the new railway station due to be built nearby and to the bridge currently under construction connecting north Bnei Brak to Ramat Hahayal.

Published by Globes, Israel business news - en.globes.co.il - on January 26, 2020