The Real Deal Miami

Miami parcel sells for $39 million

September 24, 2009 03:12PM

A group of 27 vacant lots in Downtown Miami on Biscayne Boulevard has traded for $39 million, as developers shift their holdings and prepare to wait out the worst of the construction bust. PWV Group 1 Holdings, with Gary Gerson as its registered agent, paid $130 per square foot for the property, parceled for 27 lots. The seller, a group of six corporations controlled by AI Holdings (USA) Corp with Tamir Kazaz as chief financial officer, paid a combined $32.3 million, or $108 per square foot, AND put the parcel together from 1999 to 2006. Africa Israel, headed by Lev Leviev, controls AI Holdings, according to property records.