July 18, 2016
Here’s something interesting about the old and beautiful buildings of Tel Aviv: The city has 200 buildings that are meant for strict conservation. What does it mean?
These are buildings the municipality of Tel-Aviv wants to conserve, but they cannot be altered. In other words, it is forbidden add a parking lot or another floor for example. This fact prevents property owners the option to exercise all the rights they deserve for conserving their building.
How is this solved?
To encourage conservation, the municipality allows the selling of the additional building rights. There are deals where entrepreneurs pass the rights to other projects they are working on, and there are entrepreneurs who sell their rights to other entrepreneurs.
These transactions require the development of new legal practice.
Anat Sterenlib-Molkho, a partner and the head of our firm’s Israeli Real Estate department, explains the following article (Hebrew). Click here