JDS affiliate brings combined South Beach portfolio to $42M

Buyer paid the most, $9.8M, for a single-family home on Monad Terrace

Jun.June 18, 2015 02:15 PM

Michael Stern and properties along Monad Terrace

UPDATED, 4:15 p.m. June 30: A company tied to New York City-based JDS Development Group paid a combined $41.89 million for 13 properties in Miami Beach between May and June.  

Between May 20 and Wednesday, the JDS affiliate acquired 61,846 square feet, or 1.4 acres, along Monad Terrace in Miami Beach. Here are the properties, a combination of single-family homes and apartment buildings:

  • 1310 Monad Terrace, $1.7 million, 5,120 square feet
  • 1305 Monad Terrace, $900,000, 4,200 square feet
  • 1355 Monad Terrace, $900,000, 3,500 square feet
  • 1325 Monad Terrace, $1.015 million, 3,500 square feet
  • 1315 Monad Terrace, $1.95 million, 3,500 square feet
  • 1300 Monad Terrace, $4.3 million, 6,320 square feet
  • 1320 Monad Terrace, $3.575 million, 5,120 square feet
  • 1340 Monad Terrace, $3.575 million, 5,120 square feet
  • 1345 Monad Terrace, $1.5 million, 3,500 square feet
  • 1360 Monad Terrace, $2.8 million, 5,120 square feet
  • 1365 Monad Terrace, $9.8 million, 3,500 square feet
  • 1370 Monad Terrace, $5.225 million, 5,120 square feet
  • 1375 Monad Terrace, $4.675 million, 8,226 square feet

Monad Terrace Property Owner paid the most, $9.8 million, for the single-family home at 1365 Monad Terrace and a four-unit apartment building across the street, at 1370 Monad Terrace, for $5.225 million.

All of the properties, south of the Waverly South Beach condo tower, are zoned for multifamily development. The new owner is missing one parcel on the block: a 3,500-square-foot site at 1335 Monad Terrace, which last sold for $500,000 in 2010, according to Miami-Dade property records.

Suszanne Kaiser, broker and president of Suszanne Kaiser Real Estate, assembled the properties along Monad Terrace for JDS. Kaiser told The Real Deal that she started assembling the sites 14 years ago when she represented the owner of 1370 Monad Terrace.

The new owners, Monad Terrace Property Owner, took out a $46.8 million loan on the assemblage, according to Miami-Dade County records. EO Monad Terrace is the lender.

JDS Development founder Michael Stern is listed on the buyer’s corporate records. In New York, Stern is co-developing, together with Kevin Maloney’s Property Markets Group, a super tall residential tower at 111 West 57th Street without union labor. The skyscraper — which will rise approximately 1,400 feet — will have 55 full-floor units expected to sell for more than $6,000 per square foot.

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