Nahla Capital, the new owner of the Raleigh Rosewood Residences in Miami Beach, tapped Compass to lead sales and marketing of the planned luxury condo and hotel project, The Real Deal has learned.
New York-based Nahla, a multibillion-dollar private equity firm led by Genghis Hadi, acquired the 3-acre oceanfront development site in October for $270 million. The property, at 1775, 1757 and 1751 Collins Avenue, includes the historic Raleigh hotel. Developer Michael Shvo and his partners exited the project. One Sotheby’s International Realty previously handled sales.
The new sales team is made up of Compass agents Miltiadis Kastanis, Pablo Alfaro, Ivan Chorney, Michael Martirena and Liz Hogan, according to a news release. Morgan Ball, senior managing director of Florida for Compass’ development marketing arm, and Kastanis were involved in securing the deal starting last year.
Kastanis, who left Douglas Elliman nearly a year ago, said the sales team will focus on buyers and brokers who appreciate and understand the project.
“The brokerage community becomes your buyer,” he said. “One thing that will have changed is the sales approach. As much as it will be private and exclusive, it’s going to be approachable.”
The developer will announce a sales director and timeline to re-launch sales at a later date. Ball, who moved to Miami late last year, said Compass has a “long and extensive” history with Nahla. Compass also worked on sales of Nahla’s Rosewood Residences Beverly Hills.
Compass beat out competitors who likely included Elliman and the Corcoran Group in securing the sales exclusive.
The project is on what developers’ have branded “Billionaires’ Beach,” which includes the Shore Club Private Collection, the 49-unit Auberge-branded condo and 75-key hotel under construction at 1901 Collins Avenue. Witkoff and Monroe Capital are the developers. A penthouse at the Shore Club is reportedly under contract for more than $120 million, and more than $11,000 per square foot.
The Raleigh, an iconic Art Deco hotel known for its pool, was designed by L. Murray Dixon. Shvo had the original buildings gutted and secured approval for a 17-story luxury condo tower on the beachfront site. The project included 44 luxury condos, a private members’ club and a hotel component. Shvo hired Peter Marino and Kobi Karp Architecture & Interior Design to design the development.
In January, Nahla filed a lawsuit against the seller over a deal involving the use of Marino’s designs.
Shvo originally tapped Official, the former Side-backed firm co-founded by Oren and Tal Alexander, after the Alexander brothers faced allegations of rape and sexual assault. After the allegations were widely reported, One Sotheby’s took over sales with the return of one of its agents, Anna Sherrill, who briefly worked for Official.
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