A New York condo and multifamily builder picked up another potential development site in Miami’s Edgewater neighborhood.
An entity managed by SB Development principal Joseph Stern paid $12 million for all 13 units at the Belmar Condominium at 419 Northeast 19th Street, records show.
The bulk purchase breaks down to $923,076 per condo. The buyer obtained a $14 million loan from Aventura-based Rok Lending to finance the purchase. SB and it’s partner, New York-based Hazelton Capital Group, plan to redevelop the Belmar property, Hazelton principal Adam Westreich said after publication. Westreich declined comment about what specifically the joint venture intends to build.
Some of the sellers who purchased units between the 1970s and 1990s made a hefty gain on their investments. For instance, Francesca, Monica and David Vila paid $36,000 for a two-bedroom unit in 1973, when Belmar was completed, records show. Belmar condo board members Leopoldo Colon and Kenneth Merker paid $40,000 in 1993 and $41,000 in 1994, respectively, for their units. The condo association was terminated after Stern’s entity closed the bulk deal, records show.
Edgewater’s next real estate redevelopment venture will be the Belmar, positioned in front of the Cité on the Bay Condominium. Stern didn’t reply to an email requesting comment. No plans have been submitted to the city of Miami. SB and Hazelton are planning to build a boutique condo tower with a bayfront eatery on the site of 480 Northeast 29th Street and two adjacent vacant lots. The locale is zoned for up to 38 stories. It includes a variety of sizes from townhomes to high-rise towers.
According to SB’s website, SB and Hazelton have over half-a-million square feet in pre-development and construction stages, ranging from townhomes to high-rise towers. SB and Hazelton paid $15.2 million for a Long Island City real estate parcel where they recently finished The Rise, a 11-story mixed-use building. SB also co-created The Dime, a mixed-use residential rental and retail complex in Williamsburg.