Low-income housing developer buys condo at Fendi Château

The new Surfside unit sold for $1,736 psf
By Keith Larsen | May 30, 2019 03:00PM

Fendi Chateau and Israel Roizman of Roizman Development (Credit: Chateau Group via Curbed)

Fendi Chateau and Israel Roizman of Roizman Development (Credit: Chateau Group via Curbed)

Israel Roizman, a Philadelphia area low-income housing developer, bought a condo at Fendi Château Residences for $5.8 million.

Roizman purchased the 3,340-square-foot unit 803 at 9349 Collins Avenue in Surfside for $1,736 per square foot, records show. The Château Group, which developed the condominium project, is the seller.

The unit has four bedrooms and four-and-a-half bathrooms.

Roizman’s company is based in a suburb of Philadelphia and has developed over 3,000 rental units throughout the East Coast, according to its website. About 90 percent of the apartments are designated to low and moderate income households.

Roizman’s real estate deals have come under scrutiny from the media and local politicians. In 2015, the company received millions of dollars from the state of New Jersey to refurbish homes in Camden, despite owing $6 million on a previous state government loan, according to the Associated Press.

The Château Group launched sales for the 12-story, 58-unit Fendi Château in mid-2014, and completed the project in 2016. The beachfront development was designed by Arquitectonica and includes pools, a Jacuzzi, 12 private cabanas, a restaurant and bar, a fitness center and spa, kids’ club, private theater, private dining room, wine cellar and Shabbat elevators.

Buyers at the building include Spanish millionaire Felix Revuelta, Brazilian software firm executives Laércio José De Lucena Cosentino and Marcelo Eduardo Sant’anna Cosentino; and Neville Proa, the owner of a major Brazilian drink manufacturer.