$270 Million: Syrian Jews Buy Jerusalem Towers in Landmark Deal

A company representing the US-based Syrian Jewish community has purchased two entire residential towers currently under construction in central Jerusalem, in what is believed to be one of the largest private real estate transactions in Israel’s history.

The buyer, OP Jerusalem, is based in Brooklyn, New York, and acquired roughly 200 luxury apartments near Jerusalem’s Mahane Yehuda Market. The apartments will be marketed primarily to members of the Syrian Jewish community living abroad.

Hebrew media estimates place the value of the deal at up to NIS 1 billion, or approximately $270 million.

According to Elliot Shelby, OP Jerusalem’s co-head of sales, the goal of the project is to create a communal anchor in Israel for Syrian Jews, many of whom live in Brooklyn and Deal, New Jersey. While the primary focus is the Syrian Jewish community, the project is also being marketed to other Sephardic groups, including Moroccan and Persian Jews, as well as Syrian Jews in Panama and Mexico. Shelby noted that sales are open to all buyers and that roughly a quarter of the apartments have already been purchased by people outside the core community.

The Syrian Jewish community in the United States is estimated at around 100,000 people and is known for its strong internal cohesion, philanthropic culture, and tight-knit social structure. Originating from Jewish communities in Aleppo and Damascus, the group established itself in New York in the early 20th century and has maintained distinct communal institutions alongside broader Jewish and American life.

The two towers are part of a four-building complex being developed adjacent to the Mahane Yehuda area. The project is designed to offer a full-service luxury experience, including a staffed entrance, synagogue, gym, mikveh, children’s spaces, communal halls, and large rooftop terraces. Retail space, cafés, and a boutique hotel are also planned as part of the broader complex.

Apartment prices range from roughly $1 million for a one-bedroom unit to about $3.7 million for larger four-bedroom homes. Shelby said approximately 70% of the units have already been sold, with construction expected to take around five years to complete.

The apartments were purchased from the project’s developer at a discounted bulk price that has not been disclosed. Construction is being carried out by Ashtrom Construction, with architectural planning by Ian Bader.

Most buyers are expected to split their time between Israel and the United States, with year-round occupancy estimated at 30%–50%, rising sharply during Jewish holidays. This dynamic is likely to renew debate over so-called “ghost apartments” in Jerusalem, where thousands of homes are reportedly vacant for much of the year, contributing to housing shortages and rising prices.

The deal comes at a challenging moment for Israel’s real estate sector. After years of rapid growth, the market has slowed amid war-related uncertainty, high interest rates, and declining transaction volumes. At the same time, growing antisemitism abroad has driven increased interest from Diaspora Jews seeking property in Israel, particularly at the luxury end of the market.

OP Jerusalem has previously completed a similar project in Netanya, where a high-rise residential tower marketed to Diaspora buyers has recently begun welcoming residents.