Sonny Kahn, a partner in the Trump Tower project currently underway in Ramat Gan, Israel, is expanding his real estate investments in the Jewish state.
Kahn’s company, Crescent Heights, purchased land for the construction of a 60-story residential tower in the Ayalon Triangle area in Tel Aviv, for $38 million.
The company purchased 70 dunam (about 17.5 acres) in an area between the Ayalon freeway, which crosses through Tel Aviv, and the Menachem Begin Road.
The area is to be used to build residential towers of 164,000 feet, and commercial construction of 65,617 additional feet.
The 60-story tower will house 300 apartments of four to five rooms. Crescent Heights estimates that it can sell around $250 million worth of property in the project.
In June, Crescent Heights, together with businessman Donald Trump, completed the Trump Tower deal in Ramat Gan, purchasing an area known as Elite Junction.
The area will see the construction of a luxury 70-story tower through an investment of $300 million.
The Trump Tower will become the tallest tower in the country — four times higher than the Shaar Ha’ir (City Gate) building of the Aviv-Osif Group, on the other side of the street. The cost of an apartment in the tower will be around $1 million.
Crescent Heights was formed 25 years ago and deals with the development of apartment complexes in the United States. The company is currently also expanding its business to Japan, China and India.