The Real Deal Miami

South Beach condo conversion sold to city in a $5.7 million transaction

June 08, 2010 03:00PM

Neptune Beach at 1632 Meridian Avenue

The failed 35-unit Neptune Beach condo conversion at 1632 Meridian Avenue in Miami Beach has been picked up by the Miami Beach Community Development Corp. for $5.7 million, according to a report from Condo Vultures based on Miami-Dade County property records. The 1925 three-story Art Deco building is located one block south of Lincoln Road’s pedestrian mall and had been in the hands of private lender Pinetree Partners since March 2009, when it was acquired in a deed-in-lieu of foreclosure from developer Neptune Premier Holdings. The city agency’s bulk buy comes out to a price of $162,000 per unit, or $443 per square foot — at least 19 percent off of the original asking prices of $200,000 per unit when the developer first put the condominium on the market. None of the units were ever sold. TRD