Bankruptcy judge gives Regalia developer a year to sell PH and beach house

Beach house will be listed for $24M, penthouse for $32M

Miami /
Aug.August 07, 2020 06:20 PM
Judge gives Regalia developer A year to sell remaining units

Judge gives Regalia developer A year to sell remaining units

A U.S. bankruptcy judge approved a settlement allowing the owner of the two remaining units at Regalia in Sunny Isles Beach to sell the condos, which have been on and off the market since the luxury tower was completed in 2014.

 
Mark Pordes and Adam Kaufman

Mark Pordes and Adam Kaufman

Regalia Units Owner LLC and Regalia Beach Developers LLC have one year – until August 1, 2021 – to sell the penthouse and beach house. Mark Pordes and Adam Kaufman of Pordes Residential will be handling the listings, Pordes said.

They’ll be listed for a combined $56 million: the beach house will be on the market for $24 million, and the two-story penthouse, which includes a rooftop pool, will ask $32 million.

Both units at 19575 Collins Avenue have been the subject of years of litigation.

The condos are considered the crown jewels of the Sunny Isles Beach tower. The penthouse, a six-bedroom, six-bathroom unit with a $1 million master bathroom, has a kosher kitchen, a 540-bottle wine cellar, and a lounge with a smoky quartz bar imported from Israel. It was once listed for $39 million.

Pordes said his firm was one of five brokerages interviewed to take on the listings. He said the condos are “the Harry Winston collection of homes” in Sunny Isles. He plans to partner with Lamborghini Miami to market the units.

In late May, the Regalia Units Owner LLC, which controls the remaining units, filed for Chapter 11 bankruptcy.

Attorney Linda Jackson, who represents the debtors, said Regalia Units Owner will receive the proceeds and pay off the debts tied to the properties. Atalaya Administrative LLC, an affiliate of Atalaya Capital Management, has a secured claim of $31.8 million from a foreclosure lawsuit filed last year, according to the South Florida Business Journal, which first reported the news.

The condo market in South Florida, and in Sunny Isles, has been saddled with new inventory. Pordes said the Regalia units are among the largest condos on the market, and were recently furnished.

“They’re very luxurious units and would appeal to any buyer… And we feel very confident they’re going to sell very quickly,” Jackson said.

Write to Katherine Kallergis at [email protected]


Related Articles

arrow_forward_ios
Edition Residences unit 901 (Abraham Henandez)
Edition in Miami Beach tops Miami-Dade’s weekly condo sales
Edition in Miami Beach tops Miami-Dade’s weekly condo sales
Fontainebleau Development's Jeff Soffer and Brett Mufson, with the Regency Condominium at 250 Beach Road in Tequesta (Regency)
Soffer pays $100M for condo building on Jupiter Island
Soffer pays $100M for condo building on Jupiter Island
Akoya and Oceana Bal Harbour (Google Maps)
Miami-Dade’s condo sales show a summer slump
Miami-Dade’s condo sales show a summer slump
17141 Collins Ave, Sunny Isle
Muse Residences in Sunny Isles Beach tops weekly condo sales
Muse Residences in Sunny Isles Beach tops weekly condo sales
A rendering of the Estates at Acqualina’s and Jules Trump (Estates at Acqualina’s, Trump by Sonya Revell)
Lawsuit settled, closings underway at Trump Group’s Sunny Isles tower
Lawsuit settled, closings underway at Trump Group’s Sunny Isles tower
Prive at 5000 Island Estates Drive in Aventura (Condo.com, getty)
Privé in Aventura closing tops Miami-Dade’s weekly condo sales
Privé in Aventura closing tops Miami-Dade’s weekly condo sales
Asia PH on Brickell Key (Fortune International Realty, Illustration by Priyanka Modi for The Real Deal with Getty)
Asia PH on Brickell Key tops Miami-Dade’s weekly condo sales
Asia PH on Brickell Key tops Miami-Dade’s weekly condo sales
Clockwise from top left: One Sotheby’s Jorge Uribe, Compass' Ida Schwartz, Fortune International Group's Edgardo Defortuna and Royal Palm Companies' Dan Kodsi (Illustration by Kevin Rebong for The Real Deal)
Slowdown hits South Florida’s hot resi market: Here’s what that means
Slowdown hits South Florida’s hot resi market: Here’s what that means
arrow_forward_ios

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

Loading...