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.