Moishe Mana picks up another puzzle piece in downtown Miami for $4M

Posted:Thu, 22 Jun 2017 19:10:33 +0000

Developer and investor Moishe Mana just closed on a narrow piece of land on Flagler Street for $4 million, bringing his total spent in the area to more than $258.2 million, The Real Deal has learned. Mana’s 30 East Flagler Realty LLC picked up the 6,000-square-foot lot at 30 East Flagler Street for $667 per square foot, which means he now owns 70,500 square feet of land, about half of the block. The rest, where ... [more]

North Bay Road luxury spec home hits market for second time, now at $26.9M

Posted:Thu, 22 Jun 2017 18:05:57 +0000

New York real estate luxury spec home developer Peter Fine just listed one of his North Bay Road homes for $26.95 million, The Real Deal has learned. The asking price of the 15,000-square-foot waterfront mansion at 6440 North Bay Road equates to about $1,796 per square foot. One Sotheby’s waterfront team, Albert Justo and Miki Curkoski are the listing agents. They took over sales from Darin Tansey, of the Tansey Group at Douglas Elliman, who first ... [more]

Despite the carnage, some investors are betting on malls

Posted:Thu, 22 Jun 2017 17:15:22 +0000

From TRD New York: Malls are doomed. But are they? Some investors are buying up retail real estate investment trust stocks, betting that market bears are getting ahead of themselves and that share prices are undervalued. “We believe the stocks have come down to fair value for the risk that we’re taking,” Joel Beam, of asset manager Salient Partners, told the Wall Street Journal. Salient recently bought shares in mall owner CBL & Associates Properties, ... [more]

Trump Group ready to close on Estates at Acqualina site – but first, to the auction block

Posted:Thu, 22 Jun 2017 16:30:32 +0000

The Trump Group is one step closer to owning the 5.6-acre oceanfront site of its Estates at Acqualina condo project in Sunny Isles Beach, The Real Deal has learned. The firm, led by developer Jules Trump (of no relation to the president), owns 96.5 percent of the Golden Strand Ocean Villas Resort Condominium, a low-rise timeshare resort. It’s slated to become a two-phase, two-tower, 245-unit project. CBRE’s Christian Charre, Natalie J. Castillo and Paul Weimer are ... [more]

Trump’s hard stance on Cuba makes US real estate deals in the country all but impossible

Posted:Thu, 22 Jun 2017 15:30:07 +0000

Even after President Obama’s rapprochement with the Cuban government, U.S. real estate players faced logistical nightmares when trying to do deals in the Caribbean island nation. Now, President Trump’s rollback of Obama-era policies has made opportunities for Cuban property plays even more bleak. “I am canceling the last administration completely one-sided deal with Cuba,” Trump said on Friday. Under his administration’s new policy, individual travel to the communist nation will be restricted, and American transactions ... [more]

Out with $70M: Rotem Rosen leaves Israeli firm ASRR Capital

Posted:Thu, 22 Jun 2017 14:30:48 +0000

From TRD New York: ASRR Capital’s Alex Sapir is buying out his partner Rotem Rosen for $70 million. Rosen is leaving his position as director of ASRR, a publicly traded Israeli real estate company, according to filings on the Tel Aviv Stock Exchange. His departure leaves Sapir with an 80.5 percent share of the company. According to news site Maariv, Rosen was represented by the law firm of Mark Kasowitz, President Trump’s attorney. Under the ... [more]

New multifamily construction to test the South Florida market

Posted:Thu, 22 Jun 2017 13:45:07 +0000

From the June issue: Demand remains robust for rental housing in Miami and the rest of South Florida, among residents and real estate investors alike. But despite the area’s population and employment growth, some market watchers say South Florida’s extended, postrecession rise in monthly rents could slow or stop if overbuilding floods the market with units. National brokerage Marcus & Millichap predicts developers this year will finish construction of 15,200 new apartments across South Florida, ... [more]

Government releases crucial EB-5 data – but beware, it could be full of flaws

Posted:Thu, 22 Jun 2017 12:45:58 +0000

From TRD New York: The United States Citizenship and Immigration Services issued three years of EB-5 visa data this week, confirming what was already known to many in the industry: big city regional centers servicing developer clients dominate the field for investors looking to immigrate to the U.S. Between 2014 and 2017, USCIS approved more than 26,000 petitions for visas nationwide and rejected 3,313, its data show. The overwhelming majority of regional centers saw 100 ... [more]

TRD’s top stories: a good time to buy a mansion, mall landlords are making risky investments … & more

Posted:Thu, 22 Jun 2017 11:30:49 +0000

Current reader favorites: 1. A good time to buy a mansion 2. Some mall landlords now making risky investments in tech startups 3. Top developers mix it up 4. Lil Wayne finally sells his La Gorce Island manse for discounted $10M 5. Neighborhood Dive: Sunny Isles Beach, Miami’s new billionaire playground ... [more]

Mexican developer sells waterfront Pine Tree Drive lot for $6.75M

Posted:Wed, 21 Jun 2017 22:15:01 +0000

A Mexican developer just sold a waterfront corner lot on Miami Beach’s Pine Tree Drive for $6.75 million, agents Levi Meyer and David Hunt Solomon told The Real Deal. The closing price is a 41 percent discount off the $11.5 million original 2015 asking price, according to the MLS. The 27,860-square-foot property at 6455 Pine Tree Drive Circle hit the market with the Jills from September 2015 to September 2016. Records show The Edge on ... [more]

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