Spider nixes plans for Edgewater condo project, disposes of dev site for $7M

28K sf property includes a 1926 home

Aerial of Edgewater property with Spider's Andres Goldenberg and Alejandro Eskenazi (Apex Capital Realty)
Aerial of Edgewater property with Spider's Alejandro Eskenazi and Andres Goldenberg (Apex Capital Realty)

Spider sold an assemblage in Miami’s Edgewater neighborhood for $7.25 million, after scrapping plans to build a 12-story condominium.

Spider, led by Andres Goldenberg and Alejandro Eskenazi, sold the 28,000-square-foot site to Edgewater investor Jehad Audy, according to a press release.

The two lots are at 113 and 123 Northeast 25th Street, and include a 1926-built house on the second property. Spider had planned to build the 93-unit condo 25 on the site.

Real estate investor Spider, with offices in Miami as well as throughout South America and in Mexico, bought the property in August 2015 for $4.3 million.

Jamie Rose Maniscalco

Jamie Rose Maniscalco

At the time the firm was a big believer in the Edgewater residential market, as it had scooped up another condo development site. But in the following years it nixed project plans and now is selling off the lots.

Jamie Rose Maniscalco and Alexandros Kyriakos Tsoulfas of Apex Capital Realty represented both the buyer and seller of the Northeast 25th Street lots.

In January and February 2014, Spider bought an assemblage at 522, 526 and 530 Northeast 34th Street, for $3.55 million and planned to build the 27-story Spark with 56 units. It canceled the project and listed the 16,500-square-foot site for sale in 2018 for $7 million. It is still on the market.

The group also wants to sell its Miami Beach development site at 8011-8035 Harding Avenue where it once planned a hotel project. Spider bought that site in 2015 for $5 million, records show.

Sign Up for the undefined Newsletter

Read more

Alexandros Kyriakos Tsoulfas

Alexandros Kyriakos Tsoulfas

Spider’s decision to exit Miami is driven by the city’s high condo inventory and decreasing unit prices, Goldenberg said. The firm now is focusing on Detroit and Cleveland, which have upside potential and where investors will get a higher return.

“It’s close to the start of a new cycle in Miami, but for us the project is done,” Goldenberg said.

Spider also is evolving into a fintech firm, as it developed the Spider Connect app that offers a way for foreign investors to put their funds into U.S. projects as well as monitor and control their investments.

Audy, the buyer, said he has no immediate development plans, but will hold the property long term, as he sees more upside in Edgewater. He owns several small multifamily and mixed-use buildings in the neighborhood, including at 2400 Northeast Second Avenue as well as along Northeast 16th and 22nd streets.

“We like to invest long term, and we love Edgewater,” Audy said. “There’s a lot of potential there.”