SB Development’s Joseph Stern and Belmar Condominum at 419 Northeast 19th Avenue (LinkedIn, Google Maps)
A New York apartment and multifamily builder picked up a further likely growth internet site in Miami’s Edgewater neighborhood.
An entity managed by SB Growth principal Joseph Stern paid out $12 million for all 13 units at the Belmar Condominium at 419 Northeast 19th Avenue, data present. The bulk acquire breaks down to $923,076 per condominium. The customer received a $14 million personal loan from Aventura-based Rok Lending to finance the acquire.
Some of the sellers who bought models among the 1970s and 1990s designed a significant gain on their investments. For instance, Francesca, Monica and David Vila compensated $36,000 for a two-bedroom unit in 1973, when Belmar was concluded, data present. Belmar apartment board associates Leopoldo Colon and Kenneth Merker paid $40,000 in 1993 and $41,000 in 1994, respectively, for their models. The rental affiliation was terminated soon after Stern’s entity shut the bulk deal, documents exhibit.
Wedged in front of the Cité on the Bay Condominium, the 5-tale Belmar could be SB Development’s upcoming redevelopment undertaking in Edgewater. Stern did not reply to an electronic mail requesting remark. No programs have been filed with the town of Miami.
Last year, SB and its joint enterprise spouse Hazelton Funds Team, purchased a five-bed room property at 480 Northeast 29th Road and two adjacent vacant loads for $12.2 million. The partnership options a boutique rental tower with a bayfront, ground-floor cafe on the web-site, which is zoned for up to 38 tales.
Established in 2010, SB has additional than half-a-million sq. toes underneath building and in predevelopment, ranging from townhomes to superior-rise towers, in accordance to the company’s site. In 2019, SB paid out $15.2 million for a improvement web page in Extended Island City exactly where the company options to create a $70 million, 24-tale condominium tower. SB also co-formulated the Dime, a mixed-use apartment rental and retail developing in Williamsburg.
