Half a year without a deal: Aviv sold zero apartments in January-June in the luxury Herbert Samuel project in Tel Aviv

Even luxury assets are facing demand challenges: for half a year, not a single apartment has been sold in the project of the Aviv Group and Lenny Group on Herbert Samuel Street in Tel Aviv. In the tower, which rises to a height of 18 floors on the waterfront, 50 apartments are being built with some of the highest price tags in the country.

According to the financial report for the second quarter published by the Aviv Group, by the end of 2025, 20 apartments had been sold in the project for a cumulative price of 214 million shekels, meaning an average price of almost 11 million shekels per apartment. The average price per square meter stood at 128 thousand shekels. In 2025 alone, 10 apartments were sold, and the average price per square meter had already climbed to about 145 thousand shekels. In November of last year, it was reported in the media that an apartment on the tenth floor of the project was sold for 58 million shekels. However, from the beginning of 2026 until June 30, the date the report closed, not a single apartment was sold in the project.

Due to the high prices, the project's target audience is limited from the outset. The company targets mainly foreign residents and believes that the security situation kept them away from Israel this year. The Aviv Group purchased the plot for the construction of the luxury project on Herbert Samuel Street together with the Lenny Group, owned by Rudy Gabbay, for 250 million shekels from a group of businessmen including Eli Lahav, Ran Blinkis, Amos Weinberg, and Yaakov Kotler. The company estimates that revenues from the project will total about 560 million shekels. Construction began in 2025 and is expected to be completed in December 2029.

This is the first financial report published by the Aviv Group, controlled by Doron Aviv and Dafna Harlev, after it issued bonds for the first time on the Tel Aviv Stock Exchange on June 24 of this year. During the reporting period, the Aviv Group marketed another project on Wisotzky Street in Tel Aviv, and it also did not sell a single apartment there. However, this is a project where almost all apartments had already been sold in 2025. The last apartment in the project was sold after June 30, so the sale is not included in the financial report. The practical implication is that the Aviv Group did not sell a single apartment during the first half of 2026.

Bottom line: the group recorded a net loss of 8.5 million shekels in the first six months of the year. The main reason for this is the decline in revenues from apartment sales, from 50 million shekels in the corresponding period in 2025 to only 20 million shekels between January and June 2026. The company cannot yet recognize revenues from the sale of apartments in the luxury project on Herbert Samuel, because it is in the initial stages of execution. On the other hand, in 2025 it recognized a significant portion of the revenues in the project on Wisotzky Street, the construction of which was completed.

After the reporting period, in the third quarter of the year, the Aviv Group began marketing a new project in Ramat Efal, where 30 pre-registrations were recorded, but no signed purchase agreements have been reported yet. In addition, during 2025, the Aviv Group won tenders from the Israel Land Authority for two complexes in the Kiryat Maslul neighborhood in Herzliya, where 254 apartments can be built, and for two plots in the Sirkin complex in Petah Tikva, where a total of about 400 apartments can be built. In another tender, the company won land for the construction of 326 apartments for rent, also in the Kiryat Maslul neighborhood in Herzliya. In the Ramat Efal project, the Aviv Group has 175 apartments for sale.