Though sales at CityPlace South Tower in West Palm Beach have remained slow since a partnership led by Gulfstream Capital Partners acquired 305 unsold units last November, the bulk purchaser is getting big returns on the condominiums it has successfully sold.
According to Condo Vultures, Gulfstream paid $64 million for the units, or about $181 per square foot, and has sold 32 of them at an average of about $275 per square foot through the end of the third quarter. [more]
Related’s Jorge Perez is struggling to negotiate an agreement with a
group of lenders on Trump Hollywood. Perez, who partnered with Donald
Trump on the development, wants to cut prices, but the lenders are
reluctant to agree. “It’s just a matter of adjusting prices to the new
reality,” said Perez, head of the Related Group in Miami. Perez has
worked out deals with lenders on CityPlace South Tower in West Palm
Beach and Icon Brickell, along with four other projects in Florida. A
spokesperson said last week that 21 of the development’s 200 units have
closed. [Sun
Sentinel]
Related’s Jorge Perez and CityPlace South TowerDeveloper the Related Group will turn over the 420-unit CityPlace South Tower in West Palm Beach to an investor group headed by lender Scotia Capital. Scotia, a unit of Bank of Nova Scotia, filed a foreclosure suit Wednesday, and Related worked out an agreement to give the group control over all unsold units, which is being termed a “friendly foreclosure.” Only 39 units closed in 2008 after buyers walked away from contracts. Related CEO and Chairman Jorge Perez said all construction debts had been paid. [Miami Herald] and [SFBJ] [more]
