A Miami investment fund has purchased six acres of developable land with an existing marina on the New River in Downtown Fort Lauderdale for $44 per square foot representing a more than a 45 percent discount off of the original purchase price, according to a new report from CondoVultures.com.
The buyer – the newly formed Florida entity Downtown Fort Lauderdale Waterfront 18 LLC that is reportedly controlled by Asi Cymbal of Cymbal Development – paid $11.5 million for the site located on Southwest 3rd Avenue on the south bank of the New River, according to a Broward County records and the South Florida SunSentinel.
CondoVultures.com is scheduled to profile the latest trends in the fourth quarter of 2011 in the seven largest coastal condo markets in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties.
Since the week of Jan. 16, the Condo Vultures® Market Intelligence Report™ has been publishing a seven-part weekly series analyzing new condo sales trends in Greater Downtown Miami, South Beach, Sunny Isles Beach, Hollywood / Hallandale Beach, Downtown Fort Lauderdale and the Beach, Boca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island.
The Downtown Fort Lauderdale and Beach coastal condo market is defined as the stretch from Sunrise Boulevard south to State Road 84, and the Atlantic Ocean west to Northwest 7th / Southwest 4th Avenue. The market is comprised of the areas of North, South, and the Beach, according to the Condo Vultures® Official Condo Buyers Guide To Downtown Fort Lauderdale And The Beach™.
The buyer purchased the land out of the Miami Division of the U.S. Bankruptcy Court Southern District of Florida with plans to develop a $135 million mixed-use project with residential, retail, and marina components on the site, according to a statement on the firm's website.
To the east of Cymbal Development's newly acquired site, the Related Group of Miami has announced plans to construct a 26-story rental tower dubbed the New River Yacht Club, according to recent CondoVultures.com report.
As Cymbal Development finalizes its plans for the riverfront site, the buyer has obtained a loan for nearly $4.8 million from City National Bank of Florida in Miami, according to Broward County records.
The Cymbal Development site – consisting of six properties - currently houses a dry-storage marina for more than 200 boats, the Pirate's Republic restaurant, and a water taxi service that operates out of a riverfront warehouse, according to bankruptcy court records.
The buyer was one of five prospective purchasers – out of a pool of 40 groups that signed confidentiality agreements - who submitted "formal offers" for the site after an "extensive marketing process with the goal of selling the assets as a going concern so as to maximize value to the estate," according to bankruptcy court records.
The seller, CABI New River LLC with Elias Cababie Daniel and Elias Amkie Levy signed the deed that was recorded on Dec. 30, 2011, according to Broward County records.
The waterfront land sale goes toward repaying lienholders that were owed more than $18.6 million. Lender HSBC Realty Credit Corporation USA was the largest creditor with a nearly $17.5 million outstanding loan with CABI New River LLC, according to bankruptcy court records.
CABI New River LLC filed for bankruptcy protection in December 2010 due to "tight capital markets and declining real estate values," according to bankruptcy court records.
Between January 2003 and November 2005, CABI entities purchased the land for a combined $21.5 million with plans to "develop a large indoor boat storage facility for over 500 boats, supported by a full service fuel dock, a 2,500 square foot administration office and marine store, and a residential condominium," according to bankruptcy court records.
Condo Vultures® LLC is a real estate consultancy and marketing company based at 1005 Kane Concourse, Suite 205, Bal Harbour, Florida, 33154. You can reach Condo Vultures® LLC at 800-750-0517.
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