Jerusalem Penthouse Breaks Record With 37 Million Shekel Sale

By Doron Breitman, Nadlan Center

The penthouse – a seven-room, 272 sqm space on the eighth floor in the Geula neighborhood – was sold to a foreign resident for 37 million NIS. The project, built by Ganei Tal Group in the Schneller complex, is also home to former Minister of Construction and Housing Yitzhak Goldknopf. In July alone, six additional luxury deals were closed in the city.

A seven-room penthouse in Jerusalem has set a new record for the city’s luxury real estate market this year, selling for an astonishing 37 million shekels to a foreign resident. The 272-square-meter apartment, located on the eighth floor of the “Marom Jerusalem” project in the Schneller complex in Geula, was developed by Ganei Tal Group. The project, designed by architect Yoel Breidman, includes seven buildings of 7–8 floors with a total of 250 apartments.

The Schneller compound spans about 80 dunams in the Geula neighborhood, between Malchei Yisrael Street. Originally built in 1861 as a Christian orphanage, it was converted into a British military base during World War II, and later served as an IDF base from 1948 until 2008. In recent years, it has been redeveloped into an upscale residential neighborhood with more than 600 housing units, primarily ultra-Orthodox, and home to notable residents, including former Minister of Construction and Housing, Yitzhak Goldknopf.

The value of land in Schneller has soared over the years. In 2010, an Israel Land Authority tender for 218 units was won by Pisgat Tal and Tzameret Ha’ir, who paid 161.4 million shekels (including development costs), reflecting a land cost of 740,300 NIS per apartment. In 2013, another tender for 404 units was awarded to Valimar International Inc., which paid 348.3 million NIS, translating to 862,200 NIS per apartment.

Beyond this landmark deal, July alone saw six other high-end transactions (over 10 million shekels) in Jerusalem. The most notable was signed on July 17 for a five-room, 219-square-meter first-floor apartment on Reuven Street, purchased “on paper” for 18.335 million NIS. On July 10, two significant sales were recorded: a seven-room, 258-square-meter apartment on the seventh floor of Yirmiyahu Street 54 sold for 16.4 million NIS, and a five-room, 218-square-meter apartment on the fifth floor of Beitar Street 42 sold for 16.186 million NIS.