By Yehudit Haspel Ben-Dak /
The Nakash Brothers are continuing to bolster their real estate empire. The brothers are in the midst of advanced negotiations with Ashdar to purchase the Migdalot Tower on Hayarkon Street in Tel Aviv – one of the most prominent buildings in the area – for between NIS 120 and 140 million.
The Migdalot Tower was built in 1977 at a cost of about $3 mllion. The plan calls for the sale of some of the apartments by Canada Israel Real Estate, while the hotel section will be administered by the Nakash family itself.
The 108 meter, tubular-shaped tower boasts a ‘peeling’ top, curved sun terraces and a roof-top outside swimming pool – the highest in the land. The street level fronts the intersection of Ben Yehuda and Hayarkon streets with shops and a shopping gallery.
Negotiations to purchase the tower are part of an acquisitions strategy administered by the Nakash brothers ever since they launched their global real estate operations. Besides properties in New York and Miami, they recently won the rights to build the huge Apple Center in Santa Monica – the largest on the West Coast.