A landmark Downtown Jerusalem building was just sold for 110 M NIS.Date created 04.01.2019 23:00:22
A landmark Downtown Jerusalem building was just sold for 110 M NIS.
The 10 story, 4500 sqm building, is an historic building, which at one time housed the Anglo-Palestine Bank, which later became Bank Leumi.
The building can be expanded to nearly 9000 sqm, and will be converted to a hotel.
This is a landmark real estate deal for the area, and solidifies the trend of converting many downtown properties to hotels. Expectations are that tourism to Israel will continue to grow dramatically over the coming years, and with Ministry of Tourism subsidies, it is profitable to invest in such businesses.