Asset manager drops $6M on waterfront Bay Point development site

Property faces Sabal Lake and has two docks

Miami /
Nov.November 09, 2020 04:30 PM
625 Buttonwood Lane, Miami (Credit: Luxe Living Realty)

625 Buttonwood Lane, Miami (Credit: Luxe Living Realty)

The managing director of an asset management firm paid $5.7 million for a waterfront development site in Miami’s Bay Point neighborhood.

Records show Brett Evenson and his wife, Valerie, bought the property at 625 Buttonwood Lane from 625 Realty LLC, a Florida company managed by Ivan Garofalo, who is also known as Ivan Javier Garofalo Vallejo.

Brett Evenson is the managing director at Coral Gables-based Bayview Asset Management, a position he has held since 2008. Founded in 1993, Bayview focuses on investments in mortgage and consumer credit, and has $15.8 billion in assets under management, according to its website. Bayview also has offices in New York, London and Geneva.

Dora Puig of Luxe Living Realty brokered the deal. The property originally went on the market at $10 million in November of 2015. The most recent asking price was $6.7 million in January 2019, according to Realtor.com.

A 4,406-square-foot, five-bedroom, five-bathroom home, built in 1961, currently sits on the property. Garofalo bought the home in 2012 for $4 million, records show.

Puig advertised it as a lot ready for a newly developed home.

The lot totals 31,636 square feet, and has 250 feet of water frontage facing Sabal Lake. It currently has a two-car garage and two docks.

Other activity in the Bay Point neighborhood includes Cuban-born singer Willy Chirino listing his home for $12 million in October, and Enrique Iglesias selling his waterfront home for $6.5 million last year.





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