The Real Deal Miami

Short sale for condo

August 26, 2009 04:06PM

Miami-based Royal Explorer Development, the developer of the 63-unit Brickell Station Villas, sold the distressed property to Brickell Station Lofts for $10.24 million in an all-cash deal. That represents a 42.4 percent loss on the short sale. The property faced a foreclosure suit from Banco Popular North America. The 12-story condo, at 100 S.W. 10th Street, is near a Metrorail station, and sold for $126 a square foot. Robert S. Lechter, Brett Houston, Claudio Dolman and Marcel Apeloig manage the company that now owns Brickell Station Villas, according to state records.