Tel Aviv is a nonstop city, but precisely during times of relative slowdown in the local real estate market, with prices dropping for the first time in years, certain deals surface that reflect not only economic magnitude but also a distinct worldview.
A high-end real estate transaction completed several months ago by the Prashkovsky Group on Amzaleg Street in the Neve Tzedek neighborhood - revealed only now - is a clear example: NIS 50 million for a penthouse in a preserved building.
Beyond the price - which reflects a value of approximately NIS 100,000 per square meter - this is a design and cultural statement positioning Prashkovsky Group as one of the few players in the industry simultaneously operating on two complex fronts: preservation of historic buildings in the city center, and urban renewal in the periphery and older neighborhoods.
The property in question is located in one of Neve Tzedek’s iconic preservation buildings and was designed by the architecture firm GSARC - founded by Assaf Guttman and Ami Shmelzman, and now led by Shmelzman along with Omer Frank and Adi Menashe Por.
“Preservation is an emotionally and technically complex task,” explains Adi Burkin, CEO of Prashkovsky Group. “It’s a field that demands deep understanding, precision in details, and historical sensitivity. Each project is both a responsibility and a privilege - to revive the past while preserving its essence, and make it present within a developing urban environment.”
Prashkovsky Group, which has been active in Tel Aviv for years with high-end boutique projects, has established itself as one of the country’s leaders in the field of building preservation, undertaking projects that combine top-tier aesthetics with modern standards. At the same time, the company is also active on a national scale with large urban renewal projects in Jerusalem, Yokneam, Kiryat Gat, Ashkelon, Kiryat Bialik, and more. In some cases, these are deep, holistic processes that include re-planning entire neighborhoods - infrastructure, community, and public space - in collaboration with local residents.
The penthouse on Amzaleg Street is not just a symbol of luxury, but also a reflection of the company’s strategic duality: a commitment to history on one hand, and a drive for future renewal on the other. These days, the company is beginning construction of another project in the Florentin neighborhood, on Stern Street, which, like previous projects in Neve Tzedek and southern Tel Aviv, aims to integrate local history with contemporary urban living.