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The Real Deal Miami

Miami broker to buy Edgewater rentals near the bay, seller says

Deal would break down to $180k per apartment
By Katherine Kallergis | November 02, 2017 09:45AM

435 NE 23rd Street and Arthur Porosoff (Credit: Google Maps, Marcus & Millichap)

Updated 2:50 p.m., Nov. 6: Marcus & Millichap broker Arthur Porosoff is expected to pay $7.55 million for an older apartment building in Edgewater with plans to renovate the property and raise rents, the seller said.

Drew Leeman of Leeman Properties is selling the 42-unit, six-story building at 435 Northeast 23rd Street, he said. Porosoff said he did not buy the building and a deal has not yet been recorded online.

The off-market deal would break down to about $180,000 per apartment.

Leeman was approached by Porosoff and said he’s selling the 23 Palms building “because it was an unbelievable price.” Records show the property was developed in 1972. It’s four parcels west of Biscayne Bay.

“Nothing is selling in that area at the moment,” he added.

The site is south of Missoni Baia, which broke ground last month. Russian billionaire Vladislav Doronin’s OKO Group plans to close on a construction loan for the 57-story, 249-unit tower soon.