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Africa Israel Group Dumps Miami Condo Sites At 56% Discount

Wednesday, 03 March 2010 19:33

The Florida subsidiary of Africa Israel Investments, or AFI Group, has unloaded two prime condominium development sites in Greater Downtown Miami and Miami Beach at a combined discount of 56 percent off of the original purchase price of nearly $30 million, according to a new report from CondoVultures.com.
  
Africa Israel's Florida subsidiary, AI Florida Holdings Inc., sold the site for the proposed Vitri condominium at 500 Alton Road in the South Beach neighborhood of Miami Beach for $5 million, or $73 per square foot. Some five years earlier in July 2004, AI Florida Holdings purchased the land for $11.7 million, or $170 per square foot, according to the report based on Miami-Dade County records.

AI Florida Holdings also unloaded the site for the proposed Soleil condominium at 3050 Biscayne Blvd. in Greater Downtown Miami for $8 million, or $53 per square foot, for land and an existing 90,500-square-foot office tower built in 1972. AI Florida Holdings originally acquired the land in October 2004 for $17.9 million, or $119 per square foot, according to the report based on Miami-Dade County records.

"Africa Israel has publicly acknowledged that it is in a liquidation mode, and these sales in Miami only reinforce the fact that the entity is still hemorrhaging real estate," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC. "Africa Israel came into the Miami market at the peak of the real estate boom looking to develop condominiums, and ultimately ended up paying too much for the land. 

"It would have been interesting to see what Africa Israel could have done if it would have gotten to market a few years earlier." 

Read more: Africa Israel Group Dumps Miami Condo Sites At 56% Discount

 

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  • 18.05.09 Content >> FP Mods

    BULK BUYERS:

    Are you a private equity group principal or institutional fund manager searching for deeply discounted multi-housing sites that are not yet listed? Do you want to deal directly with the distressed sellers? The Condo Vultures® Realty Bulk Projects Database™ is what you have been searching for up until now. Our realtime, searchable Bulk Projects Database™ features unlisted, distressed multi-housing projects, complexes, towers, and land made available exclusively to Condo Vultures® Realty by distressed developers, lenders, or owners who are ready to sell. To start utilizing our searchable Bulk Projects Database™, you will first have to register with an email address and create a username and password. Registrants who are accepted will be granted access to our Bulk Projects Database™ and receive email alerts whenever a new project is added or the status of an existing project changes. Please note that the Bulk Projects Database™ is available only to buyers and/or buyer representatives.

  • 18.05.09 Content >> FP Mods

    SELLERS:

    Are you a developer, lender, or owner who wants to unload a project, complex, tower, or development site quickly and quietly? Are you tired of dealing with prospective buyers who aren't serious or even qualified? Stop allowing your project to be shopped around through the daisy chains, and bring the product to the real estate brokerage that has the qualified buyers with the capacity to close the deal. If you are interested in finding out more, please complete the brief registration form so that a member from our Bulk Division contacts you to explain how to get your project in front of our ready, willing, and able buyers.