Tel Aviv Luxury Penthouse Sells for NIS 23.5 Million After Two Units Combined

A Tel Aviv luxury penthouse created by combining two apartments, featuring a private pool and expansive terraces, has sold for NIS 23.5 million in central Tel Aviv — underscoring continued demand for high-end properties despite a challenging market.

By Lee Saadon, Nadlan Center

Against the backdrop of a slowdown in the apartment market and developers struggling to close deals, Tel Aviv’s luxury segment continues to demonstrate resilience — and at times even generate exceptional transactions. One such deal was recently signed in Eco City’s urban renewal project on sought-after Zeitlin Street, near Dubnov Garden, where a unique penthouse created by combining two apartments into a single floor sold for NIS 23.5 million.

The project includes three buildings — Zeitlin 5, which has already been occupied; Zeitlin 7, currently in its final stages; and Zeitlin 9, which the company expects to complete within about six months. The sold Tel Aviv luxury penthouse is located in Zeitlin 5, a 25-unit building in which all nine developer-owned apartments have now been sold.

The penthouse, located on the sixth floor, combines a large front-facing penthouse with another apartment on the same level. It spans an entire floor of 208 square meters and includes both front and rear terraces totaling 126 square meters, two parking spaces, two storage rooms, and a private swimming pool — a rare configuration even by Tel Aviv luxury penthouse standards.

According to Uriel Cohen, VP of Marketing at Eco City, the deal is exceptional not only in scope but also in timing. “We are in a very challenging market in Tel Aviv, and yet we are seeing unusual transactions in the current landscape. In this case, the buyer requested to combine the two apartments and create an entire private floor — a product that is extremely rare, especially in such a sought-after area.”

In this particular project, he explains, “When an apartment remains unsold at an advanced stage, we see value in investing in unique planning to turn it into a perfect product. From this experience, we understand that perhaps we need to plan at a higher level from the outset. In the future, we intend to push planning and finishes to the edge — using leading brands, the highest level of custom carpentry, and design elements rarely seen in Israel.”

“These tailor-made renovations are not something we do for every apartment,” Cohen clarifies. “But in special units, buyers are looking for something extraordinary — and for them, another half a million or even a million shekels doesn’t make a difference. What matters is the product.” The architectural design of the Tel Aviv luxury penthouse was led by GS Arch, and the custom carpentry work by Kanarti is estimated at approximately NIS 900,000, part of a broader investment in adapting the apartment to the buyer’s specific requirements, including extensive renovations and premium-level upgrades.

“These buyers are seeking a unique, high-quality product and are less sensitive to differences of hundreds of thousands or even a million shekels,” he adds, explaining that this trend is also reshaping the developer side of the market. Whereas in the past developers often marketed luxury apartments in shell condition, today more and more projects are planned from the outset with exceptionally high finish levels, incorporating leading brands, meticulous architectural planning, and a comprehensive residential experience.

In conclusion, Cohen emphasizes, “This transaction joins a series of other luxury deals recently signed in Tel Aviv and demonstrates that despite the challenges in the market, demand for unique properties in central locations remains strong. We clearly identify a growing segment in Israel. More and more young high-tech professionals are purchasing the very finest real estate in Tel Aviv. I believe we will see many more Tel Aviv luxury penthouse transactions in the coming years.”