The Real Deal New York

Miami homicide unit investigation developer’s death, Vlad Doronin launches condo project amid glut, and more…

South Florida briefs
By TRD Miami Staff | April 01, 2018 01:00PM

Miami homicide unit is investigating overdose of Andrea Greenberg

Miami Police homicide detectives are investigating the death of real estate marketing executive Andrea Greenberg, who died in October from an opioid overdose.

The official cause of death was “acute combined drug toxicity,” involving three kinds of the potent synthetic opioid fentanyl, according to a the Miami-Dade Medical Examiner’s report.

Greenberg was 54 when she was found dead at her home on Oct. 10 by her partner of 17 years, Alejandro Aparicio. He said Greenberg had fallen asleep on the couch at 10:30 p.m. while watching television. When he tried to wake her at around 12:30 or 1 a.m., Greenberg was unresponsive, Aparicio has said.

“She was taking, under medical supervision, diet pills when she died,” Aparicio said. “And she had been sick for several months probably caused by those pills.”

In recent years, the real estate community in New York has lost several prominent members to opioid overdoses. In January, Max Elghanayan, the son of TF Cornerstone co-founder Frederick Elghanayan, died of an overdose at age 30. Steve Witkoff’s son, Andrew, died of an Oxycontin overdose at 22 in 2011, and the following year, SJP Properties CEO Steven Pozycki’s son, Steven Michael Pozycki, died of a heroin overdose at age 32.

Greenberg spent 16 years at Fortune International Group, where she rose through the ranks to become the firm’s vice president of marketing. She left in the summer of 2016 and worked as chief marking officer at Douglas Elliman Florida for three months. Greenberg then started her own consulting firm.

Miami-Dade is swimming in condos

Miami-Dade County has four years’ of luxury condo inventory — not including the glut of pre-construction condos being marketed for sale.

Nearly 2,800 units asking at least $1 million are on the market, according to a new report from Condo Vultures Realty. In 2017, 681 luxury units sold in the county, which pencils out to an absorption rate of about 57 units a month.

Six months’ of supply generally makes for a balanced market. Anything more than that suggests a buyer’s market, while years of excess supply suggest developers and sellers will be sitting on product for a long time. That said, the current figures point to about three years’ of excess luxury condo inventory in Miami-Dade.

According to Condo Vultures, there are nearly 47,500 units in the development pipeline in South Florida since the new cycle began in 2011. That includes projects that have been proposed, planned or are under construction or completed in Miami-Dade, Broward and Palm Beach counties east of I-95.

Vlad Doronin launches new condo project in Brickell

Slowdown? What slowdown? Russian billionaire Vlad Doronin is launching a new project in Brickell.

Doronin’s OKO Group and investment firm Cain International released plans for Una, a 47-story, 135-unit luxury waterfront condo building for the site at 175 Southeast 25th Road. Fortune Development Sales, which is handling OKO’s Missoni Baia tower in Edgewater, was hired as the exclusive sales and marketing firm, according to a release. Units will range from 1,100 square feet to 4,786 square feet and start at $900,000.

In October, the developer broke ground on Missoni Baia, a 249-unit luxury condo building, despite the market-wide slowdown in luxury condo sales. Una will be designed by Adrian Smith + Gordon Gill Architecture and include two penthouses with their own pools.