Gary Barnett Bought the Church Lands in Jerusalem, NIS 750 Million!

The Jewish-American businessman Gary Barnett, chairman and founder of the US real estate development company Extell, is buying the land of the Greek Orthodox Patriarchate in the city center for the sum of NIS 750 million. The land includes about 1,000 housing units, hotels, public buildings and institutions, and open spaces.

"We did not come to Israel to take people out of their homes"

So if everyone comes to this project in a cooperative spirit and not out of stubbornness, and not only wanting to maximize profits, everyone will benefit and we will achieve good results together. This is definitely the spirit we bring to the negotiating table. This is also the reason this deal was so interesting to me, because it creates an opportunity to work on something that will benefit everyone and bring successful results for everyone, including us."

The enthusiasm with which Barnett speaks about the deal now, after the acquisition, was not there at the start. When Barnett first learned of the opportunity and realized the complexity surrounding this land, especially in the context of the existing leaseholders, he preferred to give up. Only later did he become truly interested in the purchase. "About a year ago, I was told about the possibility of buying the land," Barnett shares, "and I realized it was a very interesting plot located in one of the best areas of Jerusalem. I was also told that there are several important public properties there, and many private homes.

The building initiative on these lands could be one of the actions that will allow the existing occupants of these lands to settle their situation, and that will also allow the leaseholders to benefit from the development of the land and the promotion of new ventures. For this to happen, dialogue will be required with all the parties involved, and Barnett knows this very well.