Shaya Boymelgreen, the head of Azorim Investment Development and Construction, which is based in New York, has agreed to purchase a piece of land on the outskirts of Tel Aviv for $80.2 million from Crescent Heights and Donald Trump.
Crescent Heights, based out of Miami, stands to earn a pretty penny out of this one, after purchasing the land less than two years ago for $44 million with Trump. The site is one of the few remaining vacant areas on Tel Aviv’s central waterfront.
Trump had planned a 70-floor building, and Boymelgreen plans to continue with similar plans of mixed-use development, with approximately 40 floors being used for commercial space. At 70 floors, the building would be the tallest in Israel. Construction is said to likely take approximately three years to complete.
The land was once the site of candy manufacturer Elite in Ramat Gan, which means this will be one sweet deal for Boymelgreen and Azorim Investment Development and Construction.