Ytech completes $12M deal for Brickell high-rise dev site

Developer plans tower of up to 80 floors, 183 units

Miami /
Jan.January 04, 2021 03:30 PM
Yamal Yidios and an aerial view of the property (Ytech)

Yamal Yidios and an aerial view of the property (Ytech)

A Miami-based real estate investment and development company paid $12.2 million for a Brickell development site, with plans to build a luxury tower of up to 80 floors and 183 units.

Ytech, led by Yamal Yidios, bought the properties at 41 and 75 Broadway in Miami — also known as 41 and 75 Southwest 15th Road — north of Simpson Park, according to a release.

The properties total 16,000 square feet, or less than half an acre. Zoning and transfer development rights could allow Ytech to build a mixed-use tower of up to 432,000 square feet, according to the release.

The developer does not yet have plans for either a condo or multifamily project, according to a spokesperson.

Ytech may have been working on the deal for a while. In 2018, the Schraedel family sold an ownership interest in 41 Broadway for $4 million. Another trust in the name of Schraedel family member Anne Haff continued to hold ownership in 41 Broadway.

A company tied to Black Label Branding sold 75 Broadway in 2018 for $4.2 million. Black Label, a luxury lifestyle branding agency, is led by J. Robert Taglairino, who also signed the deed.

According to Ytech’s release, to assemble the properties, the company worked through a series of defaulted contracts from previous buyers and back-up contracts. It also risked buying partial interests at different intervals on the parcel held by two owners embroiled in a lengthy family litigation.

The property buyers were 41 Acquisition Holdings LLC and Brickell Broadway Holdings LLC, both of which tie back to the Kapp Morrison law firm. Last year, the companies changed their names to Ytech – 41 Broadway TIC-S LLC and YTech – 75 Broadway LLC, according to records.

In December, Ytech sold a 491-unit multifamily complex in Miami Gardens for $78 million.

Other recent deals for proposed multifamily projects in the Miami area include Alta Developers paying $17.5 million for the dev site of a 215-unit mixed-use project and Trammell Crow Residential and The Carlyle Group paying $19.2 million for a Doral dev site for a seven-building, 356-unit apartment project.





    Related Articles

    arrow_forward_ios
    Joel L. Altman, chairman and co-chief executive officer; Seth M. Wise, co-chief executive officer; and rendering of the Altís Blue Lake apartment community being developed in Palm Beach County, near Wellington and Lake Worth Beach (Altman Companies)
    Altman pays $14M for golf course development site near Lake Worth Beach
    Altman pays $14M for golf course development site near Lake Worth Beach
    Laguna Pointe Apartments are at 903 Southwest 15th Street in Pompano Beach, 25370 Southwest 137th Avenue in Homestead and Sanctuary Cove Apartments at 5301 West McNab Road in North Lauderdale (Redfin, Apartments.com, Google Maps)
    Blackstone goes all-in on South Florida affordable housing with over $300M portfolio deal
    Blackstone goes all-in on South Florida affordable housing with over $300M portfolio deal
    Charles Kushner, Nicole Kushner Meyer and Laurent Morali with a rendering 1900 and 2000 Biscayne (Kushner Companies)
    Kushner, partner buy missing piece of Edgewater multifamily dev site
    Kushner, partner buy missing piece of Edgewater multifamily dev site
    1029, 1035 and 1043 94th Street in Bay Harbor Islands, FL (Google Maps)
    New York broker pays $8M for Bay Harbor Islands apartments
    New York broker pays $8M for Bay Harbor Islands apartments
    Cam Group's Pedro Camejo and a rendering of Calle Ocho
    Little Havana developer completes assemblage for 200-unit apartment building
    Little Havana developer completes assemblage for 200-unit apartment building
    From left: Charles Kushner, Wes Powell, Nicole Kushner Meyer and Laurent Morali with a rendering of the planned development (Kushner, Stantec, ODA Architecture, iStock)
    Multifamily giants Kushner and Aimco acquire site of Fort Lauderdale mega project
    Multifamily giants Kushner and Aimco acquire site of Fort Lauderdale mega project
    From left: Pedro Villar, owner of Aloft Miami Brickell, along with his attorney Joe Pack (Newstar Media)
    Aloft Miami-Brickell exits bankruptcy, staves off foreclosure
    Aloft Miami-Brickell exits bankruptcy, staves off foreclosure
    Eastdil Secured’s D. Michael Van Konynenburg and Roy March with The Brickell Bay tower at 1001 Brickell Bay Drive (Eastdil, 1001 Brickell Bay)
    Eastdil Secured to open first Florida office in Miami’s Brickell
    Eastdil Secured to open first Florida office in Miami’s Brickell
    arrow_forward_ios

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

    Loading...