Prominent Miami broker Edie Laquer has purchased a South Beach site, bringing it out of foreclosure. Laquer has started marketing the 13,000-square-foot site to developers.
The site, which is located at 251 Washington Avenue in the South of Fifth area on the southern tip of Miami Beach, was slapped with a foreclosure lawsuit by Great Florida Bank in July 2013. The approximately $2.2 million suit was filed against owner, South of Fifth LLC, along with its managing members Laquer and parking lot investor Jacob Sopher, according to the South Florida Business Journal.
Laquer claimed in court documents that she made her half of the mortgage payments, and that Sopher had stopped making payments. Laquer’s brokerage, Laquer Corporate Realty Group, won a $720,186 judgment against Sopher and Israeli developer Shaya Boymelgreen over a breach of contract that same month.
And recently, Laquer paid $3.95 million for the site, in order to fully repay the mortgage and preserve her reputation, according to Paul Battista, Laquer’s attorney with Genovese, Joblove & Battista. [SFBJ] – Christopher Cameron