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A Boca Raton company has paid $39 million for nearly 300,000 square feet of vacant land situated on nine parcels in Downtown Miami, according to a new report from the Condo Vultures® Bulk Deals Database.
The newly created PWV Group 1 Holdings LLC, with Gary N. Gerson as registered agent, paid $130 per square foot on Sept. 21 for 27 lots located a block west of four new highrise condo towers on Downtown Miami's Biscayne Boulevard, according to CondoVultures.com research.
The seller, six corporations controlled by AI Holdings (USA) Corp with Tamir Kazaz as chief financial officer, paid a combined $32.3 million, or $108 per square foot, for the land, which was acquired between August 1999 and March 2006, according to Miami-Dade County records.
The powerful Africa Israel fund controls AI Holdings (USA) Corp, according to a notarized document recorded with the deed.
"The purchase price works out to a gross premium of 21 percent for the seller minus expenses, and there have been many of them," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC. "For the buyer, the purchase price is 8 percent less than today's assessed value of $41.6 million, or $139 per square foot, for property tax purposes."
In acquiring the property, the buyer, PWV Group 1 Holdings, obtained a $7 million mortgage on the lots from the newly created entity, Magnolia Miami Parking Group LLC, with registered agent Mark C. Alhadeff.
The newly acquired land is an integral part of a proposed nine block mixed-use development project dubbed Miami World Center that will contain retail, residential, office, and possibly hotel space. \
Many industry watchers have compared the proposed Miami Worldcenter - if it can ultimately be developed - to New York City's Times Square.
"The question that can't be answered is, when will financing be available and consumer demand strong enough to construct such an ambitious plan?" Zalewski said.
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com This e-mail address is being protected from spambots. You need JavaScript enabled to view it . Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ or view our Video Gallery. Looking for bulk projects direct from developers or lenders? Visit the Condo Vultures® Bulk Deals Database. Our new books, the Official Condo Buyers Guide to Miami™ , Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ , and the First-Time Home Buyers Guide To South Florida™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™. This e-mail address is being protected from spambots. You need JavaScript enabled to view it This e-mail address is being protected from spambots. You need JavaScript enabled to view it
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