Brazilian developer/owner Sergio Naya lost the property in U.S. Bankruptcy Court to J&P LLC, a little-known Washington, DC and Tampa, FL investment group.
J&P is buying the potentially valuable asset for $24 million or $58,823 per unit. In a last-minute offer, Naya offered $24.6 million and an $800,000 fee to J&P if he couldn't close the deal. But Judge Karen S. Jennemann rejected the offer, ruling Naya had missed the April 24 bid deadline.
In court-filed papers, Naya previously valued the completed first tower and 90%-completed second tower at $33 million or $80,882 per unit.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
