The Real Deal Miami

Miami Beach apartments trade for $12.9M

Buyer of 46-unit building tied to New York company
March 21, 2014 12:00PM

1775 James Avenue

1775 James Avenue

A Miami Beach apartment building traded for $12.9 million, The Real Deal has learned.

The sale of the 46-unit building at 1775 James Avenue closed on Monday, according to Miami-Dade County records. The county recorded the transaction Thursday. Joe and Mercy Comesana sold the property to 1775 James Avenue, which is tied to New York-based Gemini Real Estate Advisors.

Edgewood MAC V of Southport, Conn. gave the buyer a $10 million mortgage.

A company managed by Joe Comesana purchased the property for about $2.5 million in December 2003. In April 2013, Comesana and his wife acquired the building themselves for $3.6 million. Around that time, South Florida Business Journal reported the purchase was made to resolve a foreclosure case initiated by lender Fannie Mae.