A group of Israeli developers, who also own Universul Palace, are in the pre-apartment stage of the former Letea Factory Palace, created by the famous architect Paul Smărăndescu in the interwar period, in the center of Bucharest, according to Profit.ro sources.
The former Palace of the Letea Factory was put up for sale in 2021 at a price of 3.5 million euros.
Before being presented here, the information was announced long before on Profit Insider.
In the 1930s, the Letea paper factory, an advertising agency (Rador Orient Radio), a tile factory (Salzberg&Gronen), Vinurile Brătianu, the Bukarest Post newspaper had their headquarters in this historic building, but there were also offices of freelancers, engineers and doctors.
The Sky Invest group, coordinated at the local level by Ofir Bar Noy, is now in the process of completing the process of consolidation, renovation and repartitioning of the old palace, at the end of which the value of the property is expected to increase to over 12 million euros, Ricardo Franc, the CEO of Sky Invest, told Profit.ro.
The new owner is setting up 14 premium apartments with a total area of 1,350 square meters within the Letea Factory Palace, of which two penthouse duplexes on the 4th and 5th floors, 200 square meters of commercial space on the ground floor and 300 square meters of technical spaces, booths and warehouses in the basement.
Read more on Profit.ro.
