Dezer takes ownership of Trump Towers in Sunny Isles Beach

Miami /
Feb.February 26, 2010 04:00 PM

Dezer Properties has acquired the Related Group’s ownership stake at 813-unit Trump Towers in Sunny Isles Beach and will assume the liability for the $265 million loan on the three-tower condominium project. Dezer plans to slash prices by at least 30 percent in order to sell off the 435 units that remain. Most units will go for $350 per square foot, while penthouses will be priced at $600 per square foot, Dezer said. The property, at 16001 Collins Avenue, was jointly developed by Related and Dezer, and Donald Trump granted his name to the towers through a licensing deal. Trump Towers is the latest in a string of properties Related has been unloading amid the state’s real estate slump. Lenders took over its $1 billion luxury Icon Brickell project in Miami late last year, and in July it relinquished its 420-unit CityPlace South Tower in West Palm Beach to a partnership led by Scotia Capital. [Miami Herald]


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