MIAMI-An Israeli investor has purchased the 19 remaining units at a 30-unit fractured condominium in Coconut Grove, a few miles from downtown Miami, in a short sale for $2.5 million or $138 per square foot. The developer, Grove Developers LLC, whose managing member is FadhiBahri, owed US Century Bank, a Doral-based bank, $3.9 million and in January, the lender filed a foreclosure suit.
The original sales price for the first 11 units at South Two Seven Lofts Condominium was an average of $444 per square foot according to Bal Harbour-based Condo Vultures, LLC, a real estate research company. The buyer of South Two Seven Lofts Condominium, 27 Grove LLC, is a Miami-based company whose principal is Meir Srebernik who is chairman of Israel-based Matav-Cable Systems Media.
“With hard and soft costs of about $180 to $220 per square foot in South Florida for low-rise construction,” says Jack McCabe, CEO of McCabe Research and Consulting in Deerfield Beach, ” the $138 square foot figure represents a considerable loss for both the developer and lender.
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