Alex Sapir will rent out units at struggling luxury condo project in Miami

Douglas Elliman is handling leasing, with rents asking as high as $60K a month

Miami /
May.May 19, 2020 11:20 AM
Alex Sapir, Arte in Surfside

Alex Sapir, Arte in Surfside

The Sapir Corp. is hoping to attract renters to its luxury condo building in Surfside.

Alex Sapir’s company filed a disclosure with the Tel Aviv Stock Exchange that it plans to rent out units at the newly built, 12-story, 16-unit condominium at 8955 Collins Avenue in Surfside. The company secured a 12-month extension to pay back its construction loan and secured lender approval to rent the units to cover costs and provide flexibility in light of the coronavirus pandemic.

Bank Leumi provided a $90 million loan to the project in 2017.

Douglas Elliman, which is handling sales of the boutique project, is handling leasing. The furnished and unfurnished units are asking as much as $60,000 a month, according to a spokesperson.

“We anticipate that tenants will be most suited for ultimate purchase,” Sapir said in a statement.

Brokers saw an increase in New Yorkers renting out single-family homes in high-end markets such as Miami Beach during the pandemic.

Arte received its temporary certificate of occupancy six months ago, though no closings have been recorded. Sapir previously sold two units at the building — to his mother, Bella, and to his sister, Ruth Sapir-Barinstein — for a combined $20 million for the entire eighth floor. He also sold a unit to his business partner, Gerard Guez, for $11.5 million. Guez received an extension until June 15 to pay an additional 10 percent portion of his deposit.

That means 13 units remain, or about 81 percent. Elliman took over sales in November.


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