The Real Deal Miami

Boulan South Beach developer sells 30 units: $25M

Deal includes 25,400 square feet of condo hotel units and 2,200 square feet of retail

March 23, 2016 11:15AM

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Boulan South Beach

Boulan South Beach

The developer of the Boulan South Beach just sold 30 condo-hotel residences and two retail units at its building for $25 million, the firm announced on Wednesday. 

Parc Place Development, a BEB Real Estate company, sold the units to New York-based Second Avenue 1355 Realty LLC. New York corporate records show the buyer is controlled by Sabah Shemel. The Shemel family has ties to Think Hotel Group, which runs the Boulan South Beach hotel. Mark Shemel, president of the hotel group, could not immediately be reached for comment.

The deal includes 25,400 square feet of condo hotel units and 2,200 square feet of retail at the property, at 2000 Collins Avenue in Miami Beach. The units that sold range in size from 700 square feet to 2,100 square feet. They include at least one full bedroom, marble bathrooms and furnishings. Parc Place still owns 40,000 square feet of retail and a 440-space, 65,000-square-foot parking garage, according to a press release.

In total, the Boulan South Beach, developed in 2010, has 62 condo-hotel units. Amenities include concierge service, valet parking, a meditation garden, gym, and a rooftop pool and deck. French restaurant Bagatelle, women’s clothing store Curve and Dry De Luxe blow-dry bar are tenants. It’s near Collins Park, where the Chetrit Group is redeveloping a group of Postwar modern and Art Deco properties redesigned by Kobi Karp.

Boulan South Beach was the first condo-hotel for BEB, which owns commercial real estate. The company is controlled by Port Washington, New York-based Bert E. Brodsky & Associates. BEB has more than $350 million in assets in its portfolio and 1.5 million square feet on the East Coast, according to the release. – Katherine Kallergis