The Real Deal Miami

Apartment sale charts price declines

August 20, 2009 01:41PM

The $2.9 million sale of a 51-year-old, 24-unit South Beach building comes out to $194 a square foot. The last time it was on the market, the seller asked $5.5 million. That 2006 asking price — it sold for $4 million — made it ripe for a condo conversion, which would have priced units at $350 a square foot, said Peter Zalewski, a principal at Bal Harbour-based Condo Vultures. South Florida developer Allen Greenwald’s corporation, 1409 Lincoln Road, sold the building to Stef USA, a Miami Beach-based corporation headed by Stephane Ginez and Caroline Charpie, public records show.