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Real Estate

Another bulk has gone down!

Cashflow In Miami
September 27, 2022

419 Northeast 19th Street, Edgewater , Miami

Another bulk has gone down!

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.

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

Wedged in front of the Cité on the Bay Condominium, the five-story Belmar would be the next redevelopment project in Edgewater for SB and Hazelton.

Last year, SB and Hazelton bought a five-bedroom house at 480 Northeast 29th Street and two adjacent vacant lots for $12.2 million. The partnership plans a boutique condo tower with a bayfront, ground-floor restaurant on the site, which is zoned for up to 38 stories.

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