The Real Deal Miami

Closings happening at ICON Brickell Tower 2

December 17, 2009 04:08PM

While Jorge Perez and his Related Group struggle to hold on to the cash-strapped ICON Brickell complex, closings have started in the 560-unit second tower. Sales at the first of three luxury towers in the ICON Brickell complex have been tepid, having recorded closings on only 14 percent of its 713 units. Condo Vultures, a Bal Harbour real estate consulting group, said industry observers expected Related to fold contracts from the second and third tower into the completed first tower. That would have allowed Related to unload the second and third, still incomplete, tower to a real estate investment fund or other institutional investor establishing the ICON properties as high-end rentals. As property values plunge, big investors are now seeking lucrative properties at bargain prices, Condo Vultures principal Peter Zalewski said. [Condo Vultures]