Spec home developer Felix Cohen buys two vacant lots on North Bay Road for $14M

Julian Cohen with the property

Julian Cohen with the property

Spec home developer Felix Cohen purchased two vacant lots on Miami Beach’s North Bay Road for $13.5 million, with plans to build a new estate with his son Julian Cohen.

Cohen bought the combined 36,143 square-foot-property at 5830–5840 North Bay Road for $373 per square foot, records show. The property features 200 feet of deep water frontage.

NBR5840 LP, a Delaware Company with a London address, sold the property. NBR5840 LP bought the combined property in September 2018 for $13.85 million, meaning it sold at a slight loss.

Julian Cohen of The Jills Zeder Group represented the buyer, according to a press release. He is also a co-developer of the project.

Felix Cohen is a Miami Beach spec home developer who co-developed 3 Indian Creek Road that sold for $47 million in 2012, marking a record sale that year.

North Bay Road has become one of the most desirable streets for ultra-wealthy buyers. Earlier this month, spec home builders Brett Palos and Bart Reines sold a waterfront home at 5712 North Bay Road for $16 million.

In August, hotelier Keith Menin paid just over $12 million for the eight-bedroom, nearly 15,000-square-foot mansion at 2318 North Bay Road.

Also in August, a California buyer purchased a waterfront mansion and lot on North Bay Road for a combined $35.4 million, marking a record sale in Miami Beach this year.

Max Strang tapped to design collection of Miami homes

Renderings of the homes (Credit: Mizuno)
Cadus Corp, a publicly traded company backed by billionaire Carl Icahn, is building a collection of 11 homes throughout the coastal cities of Miami-Dade to be designed by Miami-based Strang Architecture.
Cadus tapped Max Strang’s firm to design the luxury homes and will break ground on the first property in Miami Beach’s Sunset Islands this month. The 11 spec homes will also be located in Miami, Surfside and Sunny Isles Beach, Strang told The Real Deal via email. And they’ll feature his “fin system,” which incorporates vertical solar shading elements in the design.
Rendering of one of the homes (click to enlarge)
The company bought the properties to develop spec homes, spending nearly $30 million as of September 2014, according to a press release. Prices for the plots, ranging from 7,500 square feet to $18,400 square feet, were between $1.2 million and $3.1 million. Eight had existing homes and three were vacant lots. Addresses were not disclosed.
Earlier this year, the Miami Beach Commission rejected an ordinance that would have limited the lot coverage and unit size of new single-family homes being built in the city.
Icahn, founder and majority shareholder of Icahn Enterprises, is a majority shareholder of Cadus, a former drug-discovery technologies company. As of 2014, it has shifted its focus to real estate, according to published reports. Icahn, who is worth about $21 billion as of 2015, was the former chairman of WCI Communities until it filed for bankruptcy in 2008.

Source: The Real Deal Miami