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Hamptons Rabbi Pushing Israeli Real Estate on Tycoon Congregation, Raising Local Housing Costs

HamptonsinHerzliyaIllu

New York Rabbi Marc Schneier, who founded the New York Synagogue in Manhattan, where tycoons come to pray, and the Hampton Synagogue in Westhampton Beach, on Long Island, where tycoons come to pray and play, has announced a challenge to his flock, to “raise their commitment from giving to Israel to OWNING a piece of Israel.”

The residential project, dubbed The Hamptons in Herzliya Pituach, located in the prime location of southwest Herzliya Pituach, is “surrounded by high-end, prestigious buildings. The spacious development consists of low-rise, residential multifamily buildings, and a luxury boutique hotel. The development is adjacent to the beach area, which includes a commercial area, restaurants and cafes.”

And so, real estate prices in Israel will receive yet another boost from foreign investors, making them virtually inaccessible to the natives. And, by native, we mean folks who served in the IDF and are paying taxes and all that.

This trend, of wealthy Jews in the diasporah setting up for themselves a place to stay just in case the messiah arrives, or, interchangeably, antisemitism becomes intolerable wherever they are, has already created ghost towns made up of empty luxury apartment buildings. Netanya, one of Israel’s most beautiful beach front communities, has a whole rows of sold, luxury apartments sitting empty—in fact, if you know a nice squatter, send them to Netanya…

But let’s not be inhospitable to the good rabbi, who has told his followers (mostly by helicopter): “Owning strengthens your commitment, intensifies your relationship and reinforces your dedication and devotion to the Jewish State. Herzliya Pituach with its international flavor, pristine beaches and unique cultural attractions, is a natural sister community to the Hamptons.”

It’s good to be a tycoon.

Indeed, the good rabbi’s press release states: “the Jewish State’s property market remains one of the hottest on Earth. The Mediterranean coastal region, between Tel Aviv and Netanya (where the Hamptons in Herzliya Pituach project is located) highlights the most lucrative investment potential in Israel. In recent years, Israel has seen property value double and triple within many prime projects.”

Perhaps this will open up a new market in luxury apartment sitting…

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