Extell, a leading American real estate company, launches a groundbreaking campaign offering residents a stable and clear path to property ownership in the Rehavia and Talbiya neighborhoods on Jerusalem’s church lands.
Extell, renowned for its prestigious projects in the United States, is now taking a significant step in Jerusalem by presenting an innovative offer to residents living on church lands in the Rehavia and Talbiya neighborhoods, located in the heart of Jerusalem.
Following extensive discussions with residents, the Jewish National Fund (KKL), and the Jerusalem Municipality, the leading American company is unveiling its new program, which offers residents several options to secure clarity regarding their homes.
The program allows residents to purchase ownership of their homes as part of urban renewal initiatives at a fair price. For those opting for larger apartments, significant discounts below market value are available. Alternatively, residents choosing apartments of the same size may, in suitable cases, secure ownership without any payment. Additionally, Extell offers the option to extend lease agreements until the year 2100 under excellent terms—entirely at the residents' discretion.
This comprehensive and unique solution enables residents to finally achieve permanent ownership of their properties under exceptional terms, eliminating uncertainty about the future of their homes. Currently, the value of properties on these lands is significantly reduced as the end of the lease approaches, around 2050.
Extell's current initiative is based on a deep understanding of the needs of local residents. With this new offer, the company transitions into an active role, placing the resolution of residents' concerns and the rejuvenation of Jerusalem’s heart at the forefront. This reinforces its role not just as a real estate developer but also as a partner in Jerusalem's urban vision.
The company aims to provide residents with certainty, significant returns, and top-tier housing, bringing an end to this long-standing issue in a way that ensures a win-win scenario for all parties involved.
Gary Barnett, President of Extell, stated:
"Our new offer is designed to provide Jerusalem residents with financial security and stability while maintaining our commitment to the city’s development and strengthening its local community. Our core project in Jerusalem embodies a vision of progress and modernity while preserving the traditional character of this beloved city. We are proud to spearhead a groundbreaking initiative that delivers real solutions and contributes to Jerusalem’s future as a leading urban, social, and economic hub in Israel. We are building the Jerusalem of tomorrow—a city deeply connected to its historical roots yet open to the future."
Extell’s plans for Jerusalem extend beyond residential buildings, presenting a comprehensive vision for urban and environmental development that bridges past and future. The company’s goal is to reshape central Jerusalem, preserving its historical heritage while incorporating modern global advancements to promote a progressive urban lifestyle. Future complexes will feature residential apartments, commercial spaces, business centers, and public buildings that seamlessly integrate into the city’s unique urban landscape.
Extell is committed to working closely with relevant authorities, the municipality, and KKL to ensure an optimal solution that will significantly enhance the quality of life, transportation, and accessibility in the area.
The company’s goal is to guarantee residents certainty and either full ownership of their apartments or a significant lease extension, depending on their choice, as part of advancing urban renewal in central Jerusalem.
Advantages of Partnering with Extell Compared to the Current Situation:
| Extell’s Offer | Current Situation |
|---|---|
| Opportunity for full property ownership | ✗ |
| New and more spacious apartments | ✗ |
| Modern amenities (elevators, safe rooms, storage) | ✗ |
| Enhanced property value and investment returns | ✗ |
| Long-term security and peace of mind | ✗ |
| Resolution of property uncertainty | ✗ |
| Support from an internationally experienced real estate company | ✗ |
The new buildings planned for central Jerusalem will include spacious apartments, elevators, storage spaces, parking, safe rooms, and more. All apartments will meet the highest modern standards, aiming to improve residents’ quality of life and preserve property values.
Extell is one of New York’s largest real estate companies, renowned for its ability to develop large-scale, complex projects and transform them into some of the world’s most coveted luxury ventures. Its projects include iconic residential and commercial buildings in Manhattan, such as the Central Park Tower and One Manhattan Square, among others.
Gary Barnett, the Jewish-American entrepreneur and president of Extell, has decided to leverage the company’s expertise to develop Jerusalem’s heart. With its financial backing, professionalism, and extensive experience, Extell promises residents stability, world-class apartments, significant returns, and secure property rights—either permanently or for many years, depending on their choice.
"Whether it’s Central Park or Rehavia, Extell is committed to a standard of excellence in every project," adds Barnett. "Success in Jerusalem hinges on transparency and full cooperation with all parties involved. We are dedicated to delivering accessible and swift solutions that strengthen Jerusalem and its residents, showing our long-term commitment to this city for years to come."
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This article was written in cooperation with Extell Israel