New York developer Michael Stern just closed on the missing piece to his South Beach puzzle for $9.25 million, bringing his total to more than $50 million for the assemblage.
An affiliate of Stern’s JDS Development Group paid $9.25 million, or $2,643 per square foot, for the property at 1335 Monad Terrace, county records show. The 3,500-square-foot lot marked the only holdout for Stern, who spent $42 million last summer acquiring the remaining properties on both sides of Monad Terrace, the block between West Avenue and the bay. At most, the developer paid $2,800 per square foot and as little as $214 per square foot.
1335 Monad Terrace LLC, an entity controlled by Stefania Scaffidi, sold the property to Stern. Curbed previously reported that Scaffidi wanted $10 million for the plot, which houses an 840-square-foot house. Scaffidi bought the home, which was built in 1940, for a mere $500,000 in 2010. That means she sold it for 18.5 times what she paid six years ago.
On the 1.5-acre assemblage, Stern is planning an 14-story luxury condo tower along with New Valley, an investment company owned by the Vector Group, which owns Douglas Elliman. French architect Jean Nouvel and Kobi Karp are designing the project, according to Curbed. The building will include 80 units, at least two penthouses, and private pools. The development will also feature a lagoon, vegetation growing on the building’s mesh, underground parking, and a juice bar. The future project will consist of two wings: one 150 feet in height, the other 90 feet tall.
Mink Development and Ackerman Management & Development are partnering with JDS on the project.
Stern said he hopes to obtain permits for the project as early as June. From there, the Monad Terrace building will take 18 to 21 months to build, The Real Deal previously reported.
In South Florida, JDS is also a partner on Property Markets Group’s Echo Brickell, Echo Aventura and 95th on the Ocean.