Alex Sapir’s family closes on luxury condos at Sapir’s Miami development

Mother and sister paid combined $22M for 2 units

Miami /
Nov.November 06, 2020 03:45 PM
Alex Sapir and Bella Sapir (Credit: Mark Von Holden/WireImage via Getty Images, and ADRIEL REBOH/Patrick McMullan via Getty Images)

Alex Sapir and Bella Sapir (Credit: Mark Von Holden/WireImage via Getty Images, and ADRIEL REBOH/Patrick McMullan via Getty Images)

Alex Sapir got a little help from his family. The developer’s mother and sister closed on adjoining units at his luxury condo building in Surfside. The sales mark the first units to close at the beachfront development that was completed last year.

Bella Sapir, Alex Sapir’s mother, paid $11.2 million for unit 302 at Arte by Antonio Citterio. His sister, Ruth Sapir-Barinstein closed on unit 301 for $10.9 million. She is a trustee of the Arte 301 Trust.

The 12-story, 16-unit building at 8955 Collins Avenue received its temporary certificate of occupancy in late 2019. Earlier this year, Sapir secured lender approval to rent the units to cover costs and provide flexibility during the pandemic. His Sapir Corp. also secured a 12-month extension to pay back its construction loan.

Douglas Elliman is handling sales of the project.

The developer also rented out a unit to social media influencer and fashion designer Arielle Charnas and her husband, commercial broker Brandon Charnas, Elliman agent Oren Alexander previously confirmed.

Sapir also sold a third unit to his business partner, Gerard Guez, which hasn’t closed. That leaves 13 units, or about 81 percent, of the building that is left for sale.

Arte, with about 75,000 square feet of sellable condo space, features an outdoor pool, indoor lap pool, a spa and fitness center, a tennis court, residents’ lounge and air conditioned parking. It was designed by Citterio, along with Miami-based architect Kobi Karp.

In August, Sapir Corp.’s Israeli bondholders overwhelmingly approved the company’s proposal to push back the maturity date of Sapir Corp.’s $44 million bond series from 2022 to 2025. In exchange, the company agreed to an immediate prepayment of about $8 million and a higher interest rate.

Sapir Corp. is also seeking to sell two development sites in Miami and Manhattan, and the Sapir Organization owns other properties that include 260 and 261 Madison Avenue in Midtown Manhattan.





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