Marc Shulman sells Normandy Isles building to French family office

49-unit building, built in 1959, sold for $189K per apartment

Miami /
May.May 12, 2020 08:45 AM
2101 Normandy Drive, Samuel Heskial and Marilina Apfelbaum (Credit: Google Maps)

2101 Normandy Drive, Samuel Heskial and Marilina Apfelbaum (Credit: Google Maps)

Investor Marc Shulman sold a Miami Beach apartment building in Normandy Isles to a family office from France for $9.25 million, according to agents involved in the deal.

Shulman’s Duval Apartments LLC sold the 49-unit building at 2101 Normandy Drive to Alston LLC, a company led by Riad Belarbi. The deal closed last week, said Samuel Heskiel of Beachfront Realty’s Deco Group. Heskial’s team is led by Marilina Apfelbaum, Yaacov and Shlomo Poston. The agents, along with Michel Sabbah, brokered the deal, which closed during the pandemic.

The off-market deal breaks down to about $189,000 per door. Only one unit was not leased at the time of the closing, and the units rent for an average of $1,300 a month, Heskiel said. The building, built in 1959, includes studios, one- and two-bedroom units.

The buyer plans to renovate the apartments, according to Heskiel. The 45,513-square-foot building sits on a 33,620-square-foot lot.

It last sold in 2013 for $5.1 million.

Normandy Isles in North Beach is just northeast of North Bay Village, south of Indian Creek Village and west of the beach. The owner of the International Inn at 2301 Normandy Drive has been planning an expansion of the historic property.

In July, rapper Lil Pump paid $4.6 million for a new waterfront home on the nearby Bay Drive.


Related Articles

arrow_forward_ios
Hotel Clifton at 1343 Collins Avenue (Google Maps, Getty)
Hawkins Way Capital sells Clifton Hotel in South Beach
Hawkins Way Capital sells Clifton Hotel in South Beach
Chetrit Group’s Joseph Chetrit and Collins Park Hotel rendering (Getty, Chetrit Group)
Chetrit nabs $83M construction loan for Collins Park project
Chetrit nabs $83M construction loan for Collins Park project
Miami skyline
Miami predicted to be world’s second-best luxury market in ’23
Miami predicted to be world’s second-best luxury market in ’23
Z Capital's James Zenni Jr. with Carillon Miami Wellness Resort at 6801 Collins Avenue (LinkedIn, Google Maps)
Z Capital allegedly owes $2M legal bill: lawsuit
Z Capital allegedly owes $2M legal bill: lawsuit
The late Ralph Halpern and 617 East Dilido Drive (Google Maps, Getty)
Topshop founder’s waterfront Miami Beach home sells for $15M
Topshop founder’s waterfront Miami Beach home sells for $15M
Mitch Novick with rendering of Bulgari hotel (Mitch Novick, Bulgari Hotel and Resorts, Getty)
Lawsuit targets Miami Beach deal with Bulgari hotel developers
Lawsuit targets Miami Beach deal with Bulgari hotel developers
Gil Dezer, Carlos Rosso, Daniel de la Vega (Sonya Revell, Rosso Development, One Sotheby's International Realty)
Developers, brokers pursue wealthy art buyers during Miami Art Week
Developers, brokers pursue wealthy art buyers during Miami Art Week
John Sandberg
John Sandberg, team leave Douglas Elliman for Compass
John Sandberg, team leave Douglas Elliman for Compass
arrow_forward_ios

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

Loading...