Barry Sternlicht picks up Miami Beach land for $17M

Miami /
Jun.June 15, 2015 03:45 PM

A waterfront lot on North Bay Road just sold for $17 million to an affiliate of Starwood Capital Group, an investment company with about $42 billion in assets under its control.

The property, at 2374 North Bay Road, was purchased by a company titled BSS Miami in a deed filed in Miami-Dade County records on Friday. That company also filed a notice of commencement to build a single-family home on the 0.7-acre lot, which was signed by Barry Sternlicht, chairman and CEO of Starwood.

The lot was sold by Bart Reines, head of the Bart Reines Construction company. Reines’ company was named on the commencement as the home’s contractor. He has built a number of homes on Miami Beach, the Sunset Islands and La Gorce Island, according to the company’s website.

Reines purchased the property for $10.2 million in 2014 — nearly $9 million more than it last traded for in 1999 — but he still walked away with a hefty profit from the sale this year.

He also apparently kept the contract to a build a home on the site, which the South Florida Business Journal reported had been under construction ever since Reines first purchased the land.

Kobi Karp, a well-known architect in South Florida, has a rendering for a mansion at the North Bay Road lot on his firm’s website. Kobi Karp Architecture is also named as a contractor for the site in a May 2014 building permit.

Sternlicht was part of a joint venture with developer Richard LeFrak that recently completed the 1 Hotel & Homes on Miami Beach. The 426-room hotel opened in March, and more than 100 of the development’s 156 condos have been sold.


Related Articles

arrow_forward_ios
A rendering of 7140 Collins Avenue (Revuelta Architecture International)
Northlink scores approval for condo project on Denny’s site in North Beach
Northlink scores approval for condo project on Denny’s site in North Beach
Jamie Dinan with 3315 Collins Avenue, unit 14A (Getty, Zillow)
Billionaire Milwaukee Bucks co-owner sells Miami Beach condo
Billionaire Milwaukee Bucks co-owner sells Miami Beach condo
Ilya Karpov with 3026 North Bay Road
Russian mogul Ilya Karpov buys waterfront North Bay Road home for $14M
Russian mogul Ilya Karpov buys waterfront North Bay Road home for $14M
Long Light Capital's Justin Korsant with 45 East Dilido Drive (Getty, Mike Ruiz)
Third time’s the charm: Waterfront Venetian Islands home flips for record $4,900 psf
Third time’s the charm: Waterfront Venetian Islands home flips for record $4,900 psf
The Oceana in Key Biscayne (Condo.com, iStock)
Oceana Key Biscayne closing tops Miami-Dade’s weekly condo sales
Oceana Key Biscayne closing tops Miami-Dade’s weekly condo sales
Russell Galbut in front of 1030-1050 Sixth Street in Miami Beach (LoopNet, GFO Investments)
Russell Galbut buys dev site near Five Park in South Beach, plans hotel
Russell Galbut buys dev site near Five Park in South Beach, plans hotel
José Isaac Peres with 57 Ocean penthouse (Multiplan Real Estate Asset Management, 57 Ocean, iStock)
Brazilian billionaire developer’s 57 Ocean PH sells for record $37M
Brazilian billionaire developer’s 57 Ocean PH sells for record $37M
A photo illustration of 18 La Gorce Circle (top) and 2000 South Ocean Boulevard (bottom) (Redfin, Realtor.com, Master Brokers Forum, iStock)
South Florida by the numbers: Local mega listings and sales
South Florida by the numbers: Local mega listings and sales
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...