The Real Deal Miami

NY investor takes Midtown Miami units in bulk buy

By Alexander Britell | November 21, 2012 04:01PM

Midtown 4 (left)

New York-based investor Sam Tawfik has purchased 27 units in Miami’s Midtown Miami development, according to Douglas Elliman. The purchase is in two phases: the first, which closed last week, included 12 units totaling $4.87 million. The remaining 15 will close on Nov. 28 for a price of $11.74 million.

All of the units are located in the Midtown 4 condominium tower.

“Midtown is another segment of New York City in the making,” Tawfik told The Real Deal. “The art district, the makeup of the area, reminds me of SoHo 15 years ago — we’re liking it very much.”

Midtown 4 had already sold more than 100 units in less than two months. Bucking the general trend in Miami of foreign and specifically Latin American buyers, more than 60 percent of the property’s sales have come from Floridians.

Tawfik said he was “actively looking” for more properties in the area.

Chad Carroll of Douglas Elliman represented Tawfik.