The Real Deal Miami

Bulk buy for new Miami arrival

September 04, 2009 09:32AM

3737 Caribbean Partners, a newly formed investment group, has purchased the remaining 90 units of the Caribbean Miami Beach oceanfront condominium project in South Beach for the balance of its construction loan, between $50 million and $55 million. Leon and Alfonse Melohn of Melohn Properties in New York City formed the partnership with Michael Konig, a principal at Blue Rock Real Estate. Prior to the purchase, only about 13 units had closed in the tower. Condo Vultures founder Peter Zalewski said those units had traded for an average of $848 per square foot, and estimated the new owner could flip the 90 units on an individual basis for between $450 to $550 per square foot.