The Real Deal Miami

Bank sells 331 condos at Icon Brickell

January 24, 2011 01:10AM

Buyers purchased more than 330 of the 870 units taken back by the lender
at Icon Brickell last year in a deed-in-lieu of foreclosure, according
to a report from Condo Vultures. The buyers paid an average of $404 per
square foot, or $148.5 million in total, for the 365,000 square feet
they bought at Icon last year. The individual prices ranged from $291
per square foot to $628 per square foot. The lender, HSBC, took
ownership in May 2010 from Related. “The lender is selling an average of
nearly 50 units per month in the Icon Brickell project,” said Peter
Zalewski, founder of Condo Vultures. TRD