Breakwater Edison Hotel Sells for $24.8M

(Crystal Proenza is associate editor of Real EstateFlorida.)

MIAMI BEACH, FL-The Breakwater Edison Hotel, which consists of two buildings located at 940 and 960 Ocean Drive, has been sold to Nakash Holding LLC and partners, the Gindi and Tawil families, for $24.8 million. Nakash Holding is owned by the Nakash family that also owns Jordache Enterprises. Jones Lang LaSalle Hotels arranged the deal on behalf of the seller, Barry Mukamal of Rachlin LLP, the appointed bankruptcy trustee of the hotel.

The hotel has been closed for several years in a partially redeveloped state, says Robert Gellman, principal in the real estate advisory group of Rachlin LLP and a member of Mukamal’s trustee team. The redevelopment project ran into financial problems, including cost overruns and time delays, which precipitated a bankruptcy filing in March 2007.