The Real Deal Miami

Another Edgewater buy for Oleg Baybakov

Russian oligarch's company pays $1.4M for apartment building, vacant parcel
May 27, 2014 01:30PM

Aerial of 441 Northeast 26th Street (inset: Oleg Baybakov)

Aerial of 441 Northeast 26th Street (inset: Oleg Baybakov)

Oleg Baybakov added two more properties to his growing assemblage in Miami’s Edgewater neighborhood.

The Russian mining oligarch and developer’s 700 Edgewater Development paid $1.4 million for a small vacant parcel and nine-unit apartment building at 432 Northeast 26th Terrace and 441 Northeast 26th Street, according to Miami-Dade County records. The transaction closed on May 15 and was recorded by the county five days later.

Bay Harbor Islands-based Supreme Property Holdings sold the site to Baybakov’s company. It paid a combined $576,000 for the two properties in 2003.

The latest properties acquired by Baybakov are located on the same block as a site he picked up for about $7.4 million in three transactions that closed last month. Between February 21 and March 28, 700 Edgewater spent more than $30 million for 1.7 acres in the neighborhood. — Eric Kalis