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.





    Related Articles

    arrow_forward_ios
    Ex-Miami Heat player Meyers Leonard sells waterfront Bay Point home
    Ex-Miami Heat player Meyers Leonard sells waterfront Bay Point home
    Ex-Miami Heat player Meyers Leonard sells waterfront Bay Point home
    Alex Rodriguez and the property (Miami Real Estate Images, Getty)
    A-Rod flips waterfront home in Miami’s Bay Point for $6M
    A-Rod flips waterfront home in Miami’s Bay Point for $6M
    Cannabis and crypto investor flips waterfront Bay Point mansion for record $18M
    Cannabis and crypto investor flips waterfront Bay Point mansion for record $18M
    Cannabis and crypto investor flips waterfront Bay Point mansion for record $18M
    (Getty)
    South Florida by the numbers: Stars need houses too
    South Florida by the numbers: Stars need houses too
    Happiness begins in Miami: Joe Jonas, Sophie Turner buy Bay Point mansion
    Happiness begins in Miami: Joe Jonas, Sophie Turner buy Bay Point mansion
    Happiness begins in Miami: Joe Jonas, Sophie Turner buy Bay Point mansion
    Stuart and Pamela Rothenberg with 4731 Lake Road, Miami (Patrick McMullan/Getty, Compass)
    Former Goldman Sachs exec buys waterfront Miami home for $11M
    Former Goldman Sachs exec buys waterfront Miami home for $11M
    From left: Rockpoint Group's co-founders Bill Walton and Keith Gelb in front of 1221 Brickell Avenue (Rockpoint Group, Google Maps, iStock)
    Rockpoint sells 1221 Brickell office tower for $287M, marking a six-year record price
    Rockpoint sells 1221 Brickell office tower for $287M, marking a six-year record price
    A photo illustration portraying the skyrocketing rent growth for Miami's industrial market (iStock)
    Rising rents: Miami’s industrial market leads nation with highest annual rate hike: report
    Rising rents: Miami’s industrial market leads nation with highest annual rate hike: report
    arrow_forward_ios

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

    Loading...