New York investor pounces on Miami River site

Shahab Karmely’s Kar Properties paid more than $27.5 million to build a condo on the Miami River site of two failed condo projects.

The New York real estate investor and developer acquired the 1.8-acre property at 24 SW Fourth St. through the LLC Miami River Project, Miami-Dade County records show. The land once was the proposed site of the second phase of the Wind by Neo condominium project before the housing crash. A condo project called Cima also was planned for the property but also fell through, according to the Daily Business Review.

“This is going to be a unique building with very high-end finishes and large units. It’s going to separate itself from the typical Miami project,” Larry Stockton, a vice president at Colliers International who brokered the sale, told the Review.

Kar’s project would be at least the 14th condo tower planned for a seven-block stretch of South Miami Avenue, according to Condo Vultures. [Daily Business Review] — Emily Schmall