Photographer pays record $8M for Biscayne Point spec home

Ira and Paula Resnick with 1410 South Biscayne Point Road (Getty)

Ira and Paula Resnick with 1410 South Biscayne Point Road (Getty)

Author and professional photographer Ira Resnick bought a waterfront spec home in Miami Beach for $8.2 million, a record for the Biscayne Point neighborhood.

Ira and Paula Resnick, as trustees of family trusts, bought the home at 1410 South Biscayne Point Road, records show. 1410 S Biscayne Point Rd LLC, managed by Diane Dreyfuss Owade and Michael Owade of Owade Development + Design, sold the house.

The sale marks a record for Biscayne Point, according to Alexander Goldstein, who brokered the deal. The previous record was held by 1220 South Biscayne Road, which sold for $5.5 million in July.

Alexander Goldstein

Alexander Goldstein

It also sold for more than the $7.8 million asking price.

Ira is a professional photographer who has authored photo books such as “Ira Resnick: A Decade through My Lens” and “The Seventies: A Photographic Journey.” He is also the founder of the Motion Picture Arts Gallery, an art gallery devoted to the art of movies.

Paula Resnick is the founder and executive director of the Ira M. Resnick Foundation and the president of the board of trustees and executive director of The Meeting House in New York, according to Ira Resnick’s website.

The lot last sold in 2016 for $2.1 million. The 5,383-square-foot-home was completed last year. It hit the market in December.

Goldstein of Miles Goldstein Real Estate represented the seller, and Stephanie Doppelt of Berkshire Hathaway HomeServices EWM Realty represented the buyer.

The six-bedroom, seven-bathroom house sits on an 11,250-square-foot lot with 75 feet of water frontage. The home also features a heated saltwater pool and a gym, according to the listing.

Recently in Miami Beach, the co-founder of discount and coupon app Honey bought a Venetian Islands home for $15 million, a waterfront spec home sold for $13 million and the president of a mortgage company bought a Hibiscus Island home for $11.8 million.

Honey co-founder buys waterfront Venetian Islands home for $15M

Honey co-founder Ryan Hudson with his new Venetian Islands home. (LinkedIn via Hudson, 508 W Dilido Drive)

Honey co-founder Ryan Hudson with his new Venetian Islands home. (LinkedIn via Hudson, 508 W Dilido Drive)

Did he save time and money on the purchase?

Ryan Hudson, co-founder of the discount and coupon app Honey, paid $15 million for a waterfront home on the Venetian Islands.

Karim Masri, managing general partner of KNR Nightlife Group and KNR Hospitality Group, sold the house at 508 West Dilido Drive in Miami Beach to Hudson, property records show.

Hudson co-founded Los Angeles-based Honey browser extension app in 2012, and the company has offices in Boulder, New York, London, Santa Barbara and Sydney. PayPal bought Honey for $4 billion in 2019.

Masri paid $2.8 million for the Venetian Islands property in 2012, and completed the 5,501-square-foot home in 2018. It hit the market in 2019 for $15.5 million, and the price was increased the following year to $15.8 million, likely due to the increase in demand for waterfront homes in Miami Beach.

Dora Puig of Luxe Living Realty represented Masri, and Betsy Madge with Compass represented Hudson.

The home, which sits on a 10,500-square-foot lot, has four bedrooms and four-and-a-half bathrooms, a pool, 60 feet of water frontage and a dock with a boat lift. It was designed by Strang Design and has solar panels.

Last year, PayPal co-founder Peter Thiel bought two mansions on the Venetian Islands for $18 million.

Recent Venetian Islands closings include a Canadian financier’s $15.5 million sale of his waterfront mansion. A company linked to homebuilder AquaBlue Group’s owner Philippe Harari also bought a teardown for $11.8 million.

Chetrit’s Tides hotel on Ocean Drive faces $45M foreclosure lawsuit

(The Tides South Beach via Facebook)

(The Tides South Beach via Facebook)

Affiliates of the Chetrit Group are facing foreclosure of their long-shuttered hotel, The Tides South Beach.

SHEDDF3 VNB LLC, tied to Safe Harbor Equity, filed a foreclosure lawsuit against CG Tides and other companies linked to the New York-based Chetrit Group over the 11-story hotel at 1220 Ocean Drive, court records show.

Joseph Chetrit, a founding partner of the family owned company, did not immediately respond to a request for comment.

The Tides has been closed since Hurricane Irma hit South Florida in 2017, according to the Miami Herald.

The pandemic has wreaked havoc on the hotel industry nationwide, with some properties opting to stay closed until tourism rebounds.

The complaint alleges that the Chetrit entities and Cuesta Construction failed to satisfy the mortgage, which was due Dec. 20. Chetrit secured a $45 million mortgage for the hotel and an assemblage of properties behind the hotel in 2014. Ocean Bank was the lender. In January, Ocean Bank sold the debt to the Safe Harbor Equity affiliate.

According to the lawsuit, filed in Miami-Dade Circuit Court on Thursday, Chetrit secured more than half a dozen extensions until it allegedly missed its final payment.

In addition to allegedly failing to pay off the loan, the borrowers failed to maintain the minimum level of insurance required under the terms of the mortgage, the lawsuit alleges.

Safe Harbor is seeking the unpaid principal of nearly $42 million, plus interest, attorneys’ fees and other costs. A spokesperson for Safe Harbor said that the borrower has “made indications that [it’s] seeking to refinance the loan” but has not yet done so.

The properties include the Art Deco hotel on Ocean Drive, plus a mixed-use building fronting Collins Avenue that Chetrit redeveloped.

Chetrit has stalled on other projects in South Florida, including a major mixed-use development it planned along the Miami River. That project, valued at $1 billion, was expected to have about 1,700 residential units, 330 hotel rooms, 266,000 square feet of retail and office space, and more than 2,000 parking spaces.

It also owns a project under construction in Collins Park in Miami Beach and the shuttered Miami Beach Resort, an oceanfront hotel at 4833 Collins Avenue.

“Brady Bunch” producer sells La Gorce Island mansion for $23M

Douglas Cramer and 40 La Gorce Circle in Miami Beach (Getty, Google Maps)

Douglas Cramer and 40 La Gorce Circle in Miami Beach (Getty, Google Maps)

Longtime TV and film producer Douglas Cramer sold his waterfront La Gorce Island mansion for $23 million, shortly before buying a home in Morningside for more than $8 million.

Property records show Cramer, who produced shows such as “The Brady Bunch,” “Star Trek” and “Dynasty,” and his husband Hubert Bush III sold 40 La Gorce Circle in Miami Beach to investment manager Byron Roth in an off-market deal. Roth leads Newport Beach, California-based Roth Capital Partners as chairman and CEO.

Buyers are increasingly turning to off-market deals as the inventory of waterfront homes continues to shrink, especially in cities like Miami Beach.

Brett Harris

Brett Harris

Cramer and Bush’s sale of their four-bedroom, five-bathroom, 8,800-square-foot estate was brokered by Douglas Elliman. Eloy Carmenate and Mick Duchon represented the sellers, and Brett Harris brought the buyer. Harris said the buyer plans to keep the home, which was originally built in 1937 and later renovated.

It last sold for $7.4 million in 2012, records show.

Eloy Carmenate

Eloy Carmenate

Earlier this month, Cramer and Bush paid $8.1 million for a waterfront home in Miami, setting a record for the Morningside neighborhood. Bruce Alan Weil, a partner at Boies Schiller Flexner LLP, and his wife sold the house.

On La Gorce Island, Cher’s former home at 64 La Gorce Circle recently sold for $17 million.

In November, a member of the Jack Parker real estate family bought the waterfront teardown at 66 La Gorce Circle for $7.5 million.

Mick Duchon

Mick Duchon

In Miami Beach and the barrier islands, single-family home sales surged in the fourth quarter, rising a whopping 195 percent to 224 closings, according to the Elliman reports. Inventory fell 30 percent to 530 single-family home listings.

Venezuelan oil tycoon sells Sunset Islands waterfront mansion for $17M

An exterior of 1835 West 27th Street, Miami Beach (Douglas Elliman)

An exterior of 1835 West 27th Street, Miami Beach (Douglas Elliman)

Venezuelan oil tycoon Gerardo Pantin Shortt sold his waterfront Sunset Islands mansion for $17.4 million.

Records show Miami Islands Property LLC sold the house at 1835 West 27th Street on Sunset Island II in Miami Beach to WPME Miami LLC, a Delaware corporation.

Although Miami Islands Property LLC is managed by Irisliz Castellano, Pantin is the true owner of the property. Pantin purchased the mansion for $12.9 million in 2012 and has been trying to sell it since 2019.

Pantin built his wealth contracting with Venezuela’s state oil company in the 1980s.

Oren Alexander of Douglas Elliman represented Pantin in the sale, while Jill Herzberg with Coldwell Banker represented the buyer.

Alexander, along with his brother, Tal, recently bought a waterfront teardown on Sunset Island IV for $10 million with plans to build a new home.

The mansion that Pantin sold spans 9,091 square feet, with eight bedrooms, seven full bathrooms and two half-bathrooms. The home has a balcony that overlooks the pool and private dock and has views of the bay. According to the listing, the property also has a pool house that can be used as a guest house.

Pantin was the developer of the planned MiMo District condo project Boulevard 57 until sales were canceled in 2016. The property was purchased by 13th Floor Investments and Tricera Capital for $19.5 million in 2017.

Recently on the Sunset Islands, a waterfront mansion once owned by Elizabeth Taylor sold for nearly $20 million.

Silvia Coltrane sells Manolo building near Ocean Terrace project in North Beach

Silvia Coltrane and 7300 Collins Avenue (Corcoran, Google Maps, Manolos)

Silvia Coltrane and 7300 Collins Avenue (Corcoran, Google Maps, Manolos)

Silvia Coltrane sold a commercial building in North Beach leased to the Argentine restaurant Manolo to a company tied to Haim Yehezkel’s Elysee Investments.

Records show Coltrane, a developer and broker, sold the property at 7300 Collins Avenue to 7300 Collins Investment LLC for $8 million. The buyer financed the deal with a $5 million loan from Valley National Bank.

Coltrane’s Collins and 73rd Developers LLC paid $10.5 million for the corner building in 2016, which means she sold the property at a loss. Elysee Investments owns other real estate in the area.

The 12,700-square-foot, single-story building sits on a 15,000-square-foot lot.

Coltrane said she previously planned to build a small mixed-use project with a residential component on the site. “We had acquired the property with the plan to develop it, and we had our plate full, [so] we decided to go ahead and sell it,” she said.

The property is near Alex Blavatnik and Sandor Scher’s Ocean Terrace development, a planned mixed-use project with a hotel, residential, retail and parking components.

Coltrane also owns the retail buildings in the 7100 block of Collins Avenue, where she’s planning to build a mixed-use hotel. Last year, Lion Financial filed a $14.2 million foreclosure suit against Coltrane’s Collins and 72nd Developers LLC, the South Florida Business Journal reported at the time. Coltrane said she is working with her lender and plans to build a micro-unit hotel with retail space.

More than a year ago, she joined the Corcoran Group. Her Real Estate Transactions office in Surfside became a Corcoran outpost.

A number of projects are planned in North Beach, a Miami Beach neighborhood north of 63rd Street and south of Surfside. In the fall, developer Aria Mehrabi secured approval from the Miami Beach Design Review Board for a residential and retail development in North Beach.

Caroline Wozniacki and David Lee list Fisher Island condo for $18M

Caroline Wozniacki and David Lee and Palazzo Del Sol, Fisher Island (Photos via Getty; The Jills Zeder Group/photography by Lifestyle Production Group)

Caroline Wozniacki and David Lee and Palazzo Del Sol, Fisher Island (Photos via Getty; The Jills Zeder Group/photography by Lifestyle Production Group)

Game, set, match.

Danish tennis star Caroline Wozniacki and her husband, former NBA player David Lee, are looking to sell their Fisher Island condo.

The couple listed their unit at Palazzo Del Sol for $17.5 million after buying it for $13.5 million in 2018. Wozniacki and Lee bought the unit from the developer.

The waterfront condo totals 8,430 square feet and has five bedrooms and five-and-a-half bathrooms.

The condo is asking about $2,396 per square foot, up from the $1,848 per square foot that they paid. Jill Hertzberg and Jill Eber of The Jills Zeder Group at Coldwell Banker are representing Wozniacki and Lee, according to a release.

Palazzo Del Sol was completed in 2016 and was the first condo building to be built on Fisher Island since 2007. The 10-story building, designed by Kobi Karp, has 47 units and six cabanas. At the end of 2020, the president of an aviation parts company bought a condo at the sister building, Palazzo Della Luna, for $16 million.

Wozniacki retired from professional tennis early last year after a 15-year career with 30 titles, including an Australian Open win. According to the Women’s Tennis Association, she’s currently fifth in all-time career earnings of more than $35 million.

Lee announced his retirement from the NBA in 2017. Lee, who played at the University of Florida, won a championship with the Golden State Warriors in 2015. In 2019, Lee sold an unfinished condo at Sierra Towers in West Hollywood for $11 million, after buying the three-unit property for $13.5 million in 2017.

Fisher Island is the richest ZIP code in the country, and the recent sales definitely reflect that.

Canadian billionaire Lawrence Stroll recently sold a four-bedroom condo that once belonged to Oprah Winfrey for $20 million, and the owner of luxury furniture and staging company Artefacto sold a condo for $6.8 million.

Mango’s owner lists South Beach assemblage

The properties listed in South Beach, including Mango's South Beach location (CBRE, Mango's via Facebook)

The properties listed in South Beach, including Mango’s South Beach location (CBRE, Mango’s via Facebook)

An assemblage of South Beach properties, including the home of Mango’s Tropical Cafe on Ocean Drive, hit the market unpriced.

The properties include 900 Ocean Drive and 909, 919 and 929 Collins Avenue in the Art Deco Historic District, according to the listing. David Wigoda and Lee Ann Korst of CBRE have the listing. The assemblage spans just under 1 acre.

David Wallack, longtime operator of Mango’s, owns the 20,000-square foot building on Ocean Drive, constructed in 1952. The Wallack family has owned the building for more than 60 years. Mango’s opened about 30 years ago.

Wallack and his son, Josh, have secured an option for the three Collins Avenue properties and now seek proposals to buy and redevelop the entire assemblage.

So far developers from across the world have expressed interest, Wallack said. He believes that local business owners and local political leaders are ready for a new development in the area. But it may take time.

“Beginning is the most important thing,” Wallack told The Real Deal. “We’re looking to create new excitement internationally. We want this development to reach the next level.”

Wallack declined to give a desired price for the assemblage, saying that he is open to various ideas for the property, even if they don’t include Mango’s or result in a new concept for the cafe.

The 6,000-square-foot building at 909 Collins is owned by a company managed by Isaac L. Ursztein, according to records. The company bought the building in 2010 for $2.6 million. The building was built in 1925.

The building at 919 Collins is owned by a company managed by Kathleen Rampaul of Staten Island. The 8,000-square-foot building was built in 1924. The company bought the building for $7.1 million in 2017, records show.

The 8,000-square-foot building at 929 Collins is owned by an investment group with ties to Julio R. Marques Gonzalez, Alejandro Gonzalez, Freddy Alvarado Lopez, Isabel Vives, Enrique Barton, Maria Emilia Salvador Barton, Alejandro Isava, Rafael Isava and Ana Alejandra Isava. Barton is a licensed real estate broker with Met 21 Group, according to records and his LinkedIn profile. The group bought the building, constructed in 1934, for $2 million in 2009.

Earlier this year, Mango’s was part of a group of local restaurants to receive money through the federal Paycheck Protection Program program.

Other proposed projects nearby in Miami Beach include Michael Shvo’s plans to add a residential tower behind the landmark Raleigh Hotel.

Menin Hospitality’s Byron Carlyle Theater redevelopment vote shelved until February

Rendering of Byron Carlyle Cultural Center, with Matis Cohen, Jared Galbut and Keith Menin (Miami Beach City Commission)

Rendering of Byron Carlyle Cultural Center, with Matis Cohen, Jared Galbut and Keith Menin (Miami Beach City Commission)

Miami Beach delayed until February a vote on Menin Hospitality and its partners’ plan to redevelop the Byron Carlyle Theater in North Beach.

The Miami Beach City Commission opted not to vote on a proposal by Menin Hospitality and KGTC, LLC to replace the 52-year-old, city-owned Byron Carlyle with a 125-foot-tall theater complex with 151 workforce units.

Assistant City Manager Eric Carpenter told the mayor and six commissioners Wednesday evening that the city needed more time. “We do think this proposal has some merit and we do think it has potential, [but] we do not have the financial analysis for this project yet,” Carpenter said.

The city bought the theater in 2001 for $1.7 million, and it served as a movie house for the non-profit O Cinema for five years until the city’s building department deemed it an unsafe building in July 2019. Six months prior to its closure, the city issued a request for proposals for bids to redevelop the theater into a “mixed-use project with a cultural component.”

On Aug. 3, Menin Hospitality and KGTC, LLC became the de facto winning bidders to redevelop the Byron Carlyle after Pacific Star Capital withdrew its proposal to transform the circa-1968 movie theater into a 11-story mixed-use hotel building.

Menin Hospitality is run by nightlife entrepreneurs Keith Menin and Jared Galbut, nephews of Crescent Heights co-founder Russell Galbut. KGTC LLC is owned by developer Matis Cohen and Galbut’s daughter, Marisa Galbut.

According to the latest term sheet, Menin Hospitality and KGTC are proposing to construct a new Byron Carlyle Cultural Center with a 10,500-square-foot theater, 9,000 square feet of ground-floor retail, 129 one-bedroom units, and 22 two-bedroom units at its own expense, in exchange for a 99-year lease, and a $350,000 contribution from the city for environmental remediation. And although city regulations require 200 parking spaces for a theater, the developers want all parking requirements waived.

The proposed development agreement would also require that apartments be reserved for workforce housing for just 30 years of the 99-year lease, with 80 percent of the units reserved for households making 140 percent of the county’s area median income, or about $89,600 a year.

In addition, the developers want to collect all the rent from the cultural center’s retail and apartments, and pay the city a ground rent of $1 a year.

However, Jared Galbut said the developers will pay property taxes on the property, which he estimated to be $44 million a year. Galbut emphasized that he and his partners will be taking the risk since they intend to finance the project with private equity.

“We will build the city an amazing cultural center that will easily be a hub for the community,” Galbut said.

The new Byron Carlyle will be constructed within the North Beach Town Center, a 10-block area that’s slated to be redeveloped into a densely packed region of hotels, apartments, and retail. Across the street from the theater, KGTC LLC is building a 22-story apartment complex with microunits and retail called 72nd and Park. Also within Town Center, Pacific Star Capital is proposing to build a Target-anchored shopping center.

Cohen told commissioners that parking isn’t needed at the Byron Carlyle Cultural Center because a 700-space garage will be constructed within the Town Center. Plus, Cohen said, “Town Center was created as a compact urban area that would prioritize the pedestrian instead of the car.”

Miami Beach Mayor Dan Gelber questioned the terms of the deal. Gelber was sure the city could probably outright sell the Byron Carlyle for $5 million to a private developer if it wanted to. And, after consulting with the operators of O Cinema and the Miami Light Project, Gelber felt that the theater portion needed to be larger than 10,500 square feet. “The primary goal for this, without question, was to lever North Beach as a world-class cultural institution,” Gelber said.

The city administration, meanwhile, felt that more apartment units should be affordable for people making less than $89,600 a year. In a memo to the mayor and commissioners, Miami Beach City Manager Jimmy Morales stated that the annual median area income in Miami-Dade County is $59,100. But, as of 2019, North Beach’s median household income was $43,439, and 70.8 percent of North Beach households make below $75,000 a year.

“The administration recognizes that the developer deserves credit for proposing to introduce workforce housing in North Beach, but the proposed tenant income mix reflects above-market rates for North Beach, an area where 20.1 percent of individuals are categorized by the U.S. Census Bureau as below the poverty level,” Morales wrote.

Miami Beach residents calling into the virtual meeting had mixed opinions on the project. Some supported the Menin Hospitality-led proposal, but others insisted that the city should use bond money, grants and donations to renovate the theater and operate it itself, rather than allow developers to replace it with apartments. Kristen Rosen Gonzalez, a former Miami Beach commissioner, denounced Gelber and commissioners David Richardson and Ricky Arriola as cheerleaders for the developers with “matching pom poms.”

“We can raise the money and renovate it…. Look at the Colony Theater,” Rosen Gonzalez said. “The entire deal does not pass the smell test.”

Gelber, though, feared that the Byron Carlyle could end up like the Coconut Grove Theater in Miami and the Roosevelt Theater in Mid-Beach’s 41st Street — empty and derelict for decades — if the city tries to redevelop the property itself. “I don’t want to spend five or six years on a project, have it fall apart, and end up starting all over again,” Gelber said.

Commissioner Arriola suggested that the city pass the resolution now and negotiate a better deal later, stressing that it would cost the city more than $3 million to get the current Byron Carlyle up to code. “If we don’t do this project, what is our alternative?” he asked.

But Gelber said he agreed with Carpenter and the rest of the administration that the deal still needs to be hammered out. “I am not going to support it today because it’s not fully baked,” Gelber said.

City Attorney Raul Aguila, who is slated to become Miami Beach’s interim city manager after Morales resigns on Friday, said he will try to bring a new deal to the commission by Feb. 24. The city will also retain the services of an independent appraiser to determine the true value of the Byron Carlyle.

Luxury watch retailer sells adjacent Miami Beach homes for $44M

John Simonian with 6360 North Bay Road and 6342 North Bay Road (Getty, Google Maps)

John Simonian with 6360 North Bay Road and 6342 North Bay Road (Getty, Google Maps)

The owner of a luxury watch retailer sold two neighboring waterfront properties in Miami Beach to the same buyer for $44 million.

Property records show 6342 North Bay Rd LLC and 6360 North Bay Road LLC sold the homes to North Bay Palms LLC, a Florida company managed by attorney Mark S. Meland of Meland Budwick. The houses sold for nearly $10 million more than their previous trade last year.

Jean Simonian, known as John, sold the properties. Simonian owns the watch store Westime, which has three locations in Southern California and one in Miami.

The 12,651-square-foot mansion at 6360 North Bay Road sold for $32 million. The nine-bedroom home, built in 2018, has nine bedrooms, twelve full bathrooms and four half bathrooms, according to property records. It includes a guesthouse, pool and dock with 112 feet of water frontage.

The four-bedroom, four-bathroom home next door, at 6342 North Bay Road, sold for $12 million. Originally built in 1935, the house, which sits on a 24,407-square-foot lot, was advertised as a teardown.

Simonian bought both properties in August 2019 for a combined $35.4 million.

North Bay Road is among the Miami Beach neighborhoods where luxury home sales have soared in recent months.

The waterfront property once home to Pablo Escobar sold for nearly $11 million earlier this month. Also, a company linked to Witkoff Group purchased a waterfront lot for $8 million and the CEO of AmeriSave Mortgage Corp. bought a home for $8.2 million.