The Biggest Real Estate Deal of the Last Hundred Years in Jerusalem
By Jacki Wiluzanski · · Updated · 2 min read
The central deal in the Jerusalem affair has closed: the company Extell of businessman Gary Barnett reported this morning (Sunday) that it has transferred the final payment of approximately NIS 450 million to the Nayot group, thereby completing the purchase of the Patriarchate's lands in Jerusalem for a total of NIS 750 million (not including taxes and additional costs).
The big deal, considered the largest real estate deal in the city of Jerusalem in the last 100 years or more, was signed about a year ago, in January 2023, with the Nayot group, on the requested land, which includes around 500 dunams. It intends to reach agreements with KKL-JNF and the apartment owners in the complex for the development of the areas and the promotion of urban renewal projects.
The giant deal by the Jewish-American businessman Gary Barnett, owner of the company Extell, includes the purchase of land in the Talbiya, Rehavia and Nayot neighborhoods, which are currently leased to KKL-JNF under a contract expected to end in 2050-2052. The company has now begun talks with the authorities about development plans and urban renewal of the city.
Gary Barnett, CEO of Extell: "The completion of the transaction now by the buying group is a significant expression of confidence in the Israeli market and, in particular, in the city of Jerusalem. Beyond the great potential we see in this deal, we believe that despite the war and the challenges Israel faces, the real estate market is expected to grow enormously immediately after the fighting ends. We are currently in talks with all the parties involved, including KKL-JNF and the tenants, and we hope to find a fair solution for everyone."
The Nayot group was represented in the transaction by attorneys Avraham Aberman and Liat Sass of the S. Friedman Abramson & Co. office, and Extell was represented in the transaction
by attorneys Avi Forten, Deuel Plai and Elanthan Badel of the Agmon with Tolcinsky office.
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