Spec home developer Felix Cohen sells North Bay Road lot for $17M

Cohen and his son Julian had planned to build a 15K sf mansion on the site

Miami /
Dec.December 22, 2020 02:35 PM
Julien Cohen and the lot at 5840 North Bay Road (Google Maps)

Julian Cohen and the lot at 5840 North Bay Road (Jahmar Amani, Google Maps)

 

Spec home developer Felix Cohen sold a waterfront lot on North Bay Road for $16.5 million, The Real Deal has learned.

5830NBR LLC, a company managed by Cohen, sold the lot at 5840 North Bay Road in Miami to an unknown buyer. Cohen and his son, real estate agent Julian Cohen, had planned to co-develop a mansion on the site. Felix Cohen paid $13.5 million for the land in September 2019.

The father and son duo had planned to break ground this year, but decided to sell the property while it was in the permit approval process.

“We noticed what was happening in Miami Beach. It was becoming on fire,” Julian Cohen said. “We tested it, and our test passed.”

They put the 0.8-acre lot on the market with a listing price of $17.9 million, and it sold within 30 days, he said. The lot has 150 feet of water frontage. It previously had 200 feet, but 50 feet were sold to a neighbor, according to a spokesperson.

Julian Cohen with The Jills Zeder Group of Coldwell Banker, along with his brothers Jacques and Marlon Cohen of Compass, represented their father. Oren Alexander with Douglas Elliman represented the buyer. Julian Cohen and Alexander declined to reveal the buyer’s identity.

Felix and Julian originally planned to develop an eight-bedroom, 15,000-square-foot mansion on the property with a $40 million price tag. Julian said the development plans were sold along with the lot.

Julian also added that he and his father are looking for other high-end development projects in Miami. “We’re a powerful combination,” he said. “I have a very strong pulse on the market, and when I feel there is an opportunity for us to capitalize on, he listens to me on it.”

New waterfront construction on North Bay Road is rampant this year. In November, Steve Witkoff bought a waterfront lot on North Bay Road for $8 million, and the CEO of AmeriSave Mortgage Corp. spent $8.2 million on a waterfront teardown next door to his mansion on North Bay Road.

In 2012, Felix Cohen co-developed a spec mansion on Indian Creek Island that sold for $47 million, marking a record price in Miami-Dade County at the time.






    Related Articles

    arrow_forward_ios
    Ophir Sternberg with the Ritz-Carlton Residences, Miami Beach and the land for the villas (Lionheart Capital)
    GFI buys land for second phase of Ritz-Carlton Residences Miami Beach
    GFI buys land for second phase of Ritz-Carlton Residences Miami Beach
    (iStock)
    South Florida resi sales jump in Q4: Elliman
    South Florida resi sales jump in Q4: Elliman
    Richard Bressler and Lisa Gersh with 1425 West 25th Street, Miami Beach (Getty, Google Maps)
    Media titans buy Sunset Islands home for $5M
    Media titans buy Sunset Islands home for $5M
    Ruthie and Ethan Assouline lead Compass’ Assouline Team. (The Assouline Team, iStock)
    Compass’ Assouline Team expands to Miami Beach
    Compass’ Assouline Team expands to Miami Beach
    Images of Arte, Ritz-Carlton Residences Miami Beach, Ritz-Carlton Residences Miami Beach and One Thousand Museum (One Thousand Museum via One Sotheby's)
    Buyers shift to condos as waterfront single-family luxury inventory dwindles in South Florida
    Buyers shift to condos as waterfront single-family luxury inventory dwindles in South Florida
    Chris Bosh and his North Bay Road home, 6396 North Bay Road (Getty, One Sotheby’s International Realty)
    Chris Bosh sells waterfront Miami Beach mansion for $15M
    Chris Bosh sells waterfront Miami Beach mansion for $15M
    Miami-Dade condo sales and the Ritz-Carlton Residences, Miami Beach (Google Maps)
    Miami-Dade condo sales and closed dollar volume jump after slow start to year
    Miami-Dade condo sales and closed dollar volume jump after slow start to year
    Pierre Pomerleau and Eighty Seven Park (8701 Collins Avenue, Miami Beach)
    Canadian construction mogul buys another condo at Eighty Seven Park
    Canadian construction mogul buys another condo at Eighty Seven Park
    arrow_forward_ios

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

    Loading...