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South Florida

Russell Galbut, partners tap Cervera to sell North Beach condos

Units start at $700K, are eligible for short-term rental

Russell Galbut and Renderings of the planned North Beach Condos project
Russell Galbut and Renderings of the planned North Beach Condos project (Lefferts Investments)

Russell Galbut and his partners tapped Cervera Real Estate to launch sales of their planned Miami Beach short-term rental-friendly condos.

Galbut is teaming up with Lefferts Investments and Matis Cohen to build the 22-story, 206-unit, 72 Park condominium at 580 72nd Street in Miami Beach’s North Beach neighborhood. Units will include studios, and one- to three-bedroom condos, ranging from 466 square feet to 1,177 square feet, according to a press release. 

Renderings of the planned North Beach Condos project
Renderings of the planned North Beach Condos project (Lefferts Investments)

Prices start in the $700,000 range, and top out at $2.4 million, according to Alicia Lamadrid Paysse, Cervera’s vice president for development sales. The building’s penthouse has not been priced yet, she said.

The project, previously named 72nd and Park, is under construction and is expected to be completed early next year, according to the release. 

72 Park units will come furnished, and are zoned for short-term rentals, the release shows. 

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Amenities will include a 35,000-square-foot deck, a pool, bar, fitness center, outdoor barbecue area, kids playroom and a 24/7 coworking space. Michelin-star chef Carlo Mirarchi is opening Roberta’s, a restaurant and pizzeria on the ground floor, according to the release. The building’s ground-floor retail space will span 8,500 square feet.

The developers are targeting LEED Gold certification for 72 Park, Lefferts Chief Development Officer Jim Hedden confirmed. 

Hedden anticipates the planned project will appeal to a wide variety of buyers. He sees the project’s target buyers as foreign investors from South America, locals looking for a second home close to the beach, and domestic buyers coming from out of state, Hedden said.

He declined to estimate the sell-out for the project. 

Lefferts and Galbut landed a $97.5 million construction loan from Miami-based Ocean Bank for 72 Park in December. The partners paid a total of $17 million for the development site in 2015 and 2019.

North Beach has a number of new residential projects planned, spurred in part by the 2018 upzoning of North Beach’s town center. 

Earlier this month, Constellation Group, Boschetti Group and Vietmar launched sales of a planned 10-story North Beach condominium. 

Tags
Cervera Real EstateCondo MarketCondosLefferts InvestmentsMatis CohenMiami BeachMiami-Dade CountyMixed-useNorth BeachRussell Galbut