search

The Real Deal Logo

Trending

Brookfield’s deal to sell 777 Tower in Downtown LA collapsesBrookfield’s deal to sell 777 Tower in Downtown LA collapsesGlossier founder is buyer of $22M Brooklyn townhouseGlossier founder is buyer of $22M Brooklyn townhouseSwig finds new bottom with DTLA office sale at $94 a sfSwig finds new bottom with DTLA office sale at $94 a sfDevelopers have a new tax break. Now they must figure it outDevelopers have a new tax break. Now they must figure it out
South Florida

Resale goals set for Related’s bulk condo buy

Sign Up for the undefined Newsletter

Related Cervera Realty Services has gotten sales rolling at the Related
Group’s bulk-purchase condo development in the 528-unit 50 Biscayne. The Related Group built the development in partnership with Atlanta-based Cousins Properties and later bought up the units and closed out its loan. The buying fund, Lubert-Adler Partners, paid $6.1
million in May for 26 units, or an average of $236,294 per unit, and $30.3 million for 120 units, or an average of $252,504 a condo. The same units had been retailing for about $150,000 more.