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New York

Boymelgreen buys Trump site in Israel

A group led by New York-based developer Shaya Boymelgreen intends to build Israel’s tallest building on a plot that had been planned as the Trump Plaza Tower.

Azorim Investment Development and Construction, controlled by Boymelgreen, said it has agreed to purchase the former site of candy manufacturer Elite in Ramat Gan, on the outskirts of Tel Aviv, for $80.2 million from Miami-based Crescent Heights and Donald Trump.

Crescent Heights purchased the land only a year and half ago for $44 million with Trump, who had declared that he wanted to build a 70-floor mixed-use commercial and condo project.

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Azorim, together with a group of Israeli investors, also plans a similar 70-story high-rise. It will include 40 floors of commercial space and another 30 floors of luxury housing.

Azorim expects to start work on the site soon and complete construction in three years. The tower will be built on one of the last vacant sites left on Tel Aviv’s central waterfront.

“I intend to use my experience from building luxury towers in Manhattan to build a building in a quality and standards unprecedented in Israel,” Boymelgreen said.