The Real Deal Miami

NJ developer pays $13M for vacant waterfront lots in Gulf Stream

The one-acre lot traded for about $151psf
By Amanda Rabines | September 21, 2017 01:15PM

2929 North Ocean Boulevard

UPDATED September 29nd, 4:30 p.m.: Secaucus, New Jersey-based National Realty Investment Advisors bought two prime pieces of waterfront land in Gulf Stream for $13 million, property records show.

One 1-acre lot at 2929 North Ocean Boulevard traded for about $151 per square foot, another 0.77-acre lot at 3565 North Ocean Boulevard traded for about 194 per square foot.

NRIA operates as a real estate investment, management, and development firm, according to its website. Records show the company scored a $11 million loan from Gamma Real Estate. The lender is a boutique commercial real estate firm based in New York City.

The seller is an entity of the San Fransisco-based Oberndorf Enterprises. The entity bought the property at 2929 North Ocean Boulevard in 2013 for $5.8 million, and the property at 3565 North Ocean Boulevard that same year for $4.5 million, records show.

Corcoran Group’s Candace Friis represented both sides of the deals.

Online listings show the property at 2929 North Ocean Boulevard hit the market for $12 million in August, meaning it traded at a nearly 50 percent discount. The property at 3565 North Ocean Boulevard hit the market for $10.75 million in November 2015, according to Redfin.

NRIA focuses on ground-up construction and complete renovation of planned unit townhomes, condominiums, and multifamily rental developments in the Northeast, according to its website. The firm has a pipeline of current projects valued in excess of $170 million, according to a press release.

Developers interested in the upscale area include Robert G. Fessler who bought a Gulf Stream oceanfront estate in May for $7.6 million, with plans to renovate and flip it. A nearby 6,077-square-foot oceanfront house at 1357 North Ocean Boulevard sold for $9 million in July.