The public auction for the sale of the old wholesale market property in central Tel Aviv is underway. Citibank, which is handling the sale, on Tuesday sent out letters to 20 potential buyers, laying out the terms of the sale.
Being auctioned off are the construction rights for the building of much of the 32,000 square meter property. The project will include 13 twelve story apartment houses, with 570 units totaling 85,000 square meters. Each bidder will have to deposit $10 million in advance of their bid as a security deposit.