Four other people are still missing in the rubble of the building following the incident on Monday.
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The collapse occurred at a Tel Aviv construction site.
According to the local media, the intervention teams were trying to save at least 20 people who were trapped inside the building. Those killed were not identified but they were likely workers at the construction zone.
Israel Defense Forces are leading the rescue effort and teams worked around the clock to locate and extract the construction workers. The Israeli military dispatched search-and-rescue units to assist in the efforts.
Reports say a crane fell on to the three-storey building, bringing it down. It is in the Ramal Hahayal district close to a hospital, high-tech offices and restaurants.
Several were trapped in the rubble several hours after the incident, with rescue workers saying there might be more people trapped inside the structure.
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Police spokeswoman Luba Samri said Monday night that one of the fatalities has been identified as a foreign worker from the Ukraine. The cause of the collapse was under investigation. In the same period a year ago, eight construction workers lost their lives in workplace accidents.
