The Real Deal Miami

New York developer gets Hallandale Beach site for $34M

Buying company shares address with Shahab Karmely's Kar Properties
By Eric Kalis | November 12, 2014 10:30AM

Shahab Karmely

Shahab Karmely

A company sharing a New York address with Shahab Karmely’s Kar Properties picked up a Hallandale Beach condo development site for nearly $34 million, The Real Deal has learned.

GBP Regency of Pompano Beach sold the 1.3-acre property at 2000 South Ocean Drive in a transaction recorded on Wednesday, according to Broward County records. The company planned to replace a 60-room hotel constructed in 1984 with a 64-unit beachfront condo building. It paid $10 million for the parcel three years ago.

The buyer is 2000 Ocean Drive LLC. The company’s mailing address is the same as Kar’s Madison Avenue headquarters. No financing was recorded.

A statement released Wednesday afternoon by a Kar spokesperson revealed the company intends to build a 38-story branded luxury condo tower on the property. The true purchase price for the land was $38 million, not what was recorded by the county, according to the statement.

By selling the site, GBP resolved a lawsuit filed by 2000 Ocean Drive LLC in August, according to county records. The complaint sought unspecified damages for alleged “breach of contract” involving the Hallandale Beach property. A dismissal notice was filed by 2000 Ocean Drive LLC in September.

In April, Kar Properties paid $33 million for a 2.9-acre development site on the Miami River.