The Syrian Jewish community in Brooklyn has made a historic real estate move in Jerusalem, purchasing two entire residential towers currently under construction near the Machane Yehuda shuk. The deal, valued at up to NIS 1 billion (approximately $270 million), is believed to be among the largest private real estate transactions ever completed in Israel.

The purchase was made by OP Jerusalem with the goal of creating a central hub in Eretz Yisrael for the Syrian Jewish community, primarily families from Brooklyn and Deal, New Jersey. The apartments will also be marketed to other Sephardic communities, including Moroccan and Persian Jews, as well as Syrian Jews from Panama and Mexico, though sales are open to the broader Jewish public as well.

The project includes 200 luxury apartments across two towers, part of a larger four-building complex adjacent to the shuk. Planned amenities include a shul, mikvah, full-time doorman, gym, children’s play areas, communal halls, and rooftop terraces. Apartment prices range from about $1 million for a one-bedroom to $3.7 million for larger family units.

About 70% of the apartments have already been sold, with completion expected in roughly five years. Many buyers plan to divide their time between Israel and the U.S., with high occupancy anticipated during Yomim Tovim.

The deal comes as Israel’s housing market has cooled, making the successful sale of two full towers particularly notable.

(YWN World Headquarters – NYC)