Tech entrepreneur purchases $4.6M penthouse in Tel Aviv's high-demand market
Tech entrepreneur purchases $4.6M penthouse in Tel Aviv's high-demand market
Tufin co-founder Reuven Harrison and wife invest in a prestigious property, signaling confidence in the city's real estate sector.
Is the residential real estate market in Tel Aviv starting to recover after two difficult years? Co-founder of the technology company Tufin, Reuven Harrison, together with his wife, has purchased a penthouse apartment at 11 Alharizi St. in Tel Aviv for approximately NIS 17 million (approximately $4.65 million), Calcalist has learned. The apartment is part of a project by the Almog Group and was occupied in November 2023.
The apartment covers the entire seventh and top floor, with an area of 158 square meters, a peripheral balcony of approximately 99 square meters, and two underground parking spaces. The sale price reflects a cost of approximately NIS 107,000 per square meter for the main area, but in practice, the pricing for the balcony and parking areas is lower. The apartment was sold in a shell condition.
Since this is District 3, which has height restrictions on buildings, construction on Alharizi Street is relatively low-rise. Although the street is not characterized by high-rise towers, apartment prices remain high due to demand.
There are few transactions on the street, and in 2023, only one apartment was sold. In transactions carried out on the street since 2020, apartment prices ranged from NIS 50,000 to 70,000 per square meter, according to data from the Madlan company.
The building underwent a TMA 38/2 project (demolition and reconstruction). The original building included 11 apartments, and it now has 19 apartments. All the apartments owned by the company have been sold, with the penthouse transaction being the last of them. The Almog Group was represented in the transaction by attorney Dafna Fuchs.
Tufin was acquired in April 2022 by Turn/River Capital, a software-focused investment firm, in an all-cash transaction that valued the company at approximately $570 million. Tufin went public on the New York Stock Exchange in 2019.
The company was founded over 20 years ago by Harrison (CTO) and Ruvi Kitov (CEO).
