Eastern Real Estate co-founder pays $18M for waterfront North Bay Road home

A principal at a commercial real estate company paid $18.3 million for a waterfront home on North Bay Road in Miami Beach, The Real Deal has learned.

Estefano Isaias sold the house at 2324 North Bay Road to 2324 N Bay LLC, which is led by Daniel J. Doherty III, principal and co-founder of Eastern Real Estate, a commercial real estate firm based in Boston and Santa Barbara.

Doherty’s company handles capital investment, real estate development and asset management, according to its website.

Andian Group, led by Andres Isaias and Alejandro Diaz Bazan, will build an addition to the property, bringing the 7,574-square-foot home to nearly 10,000 square feet, Diaz Bazan said. The city’s design review board approved plans designed by architect Ralph Choeff. Construction is expected to begin this month.

Marko Gojanovic

Diaz Bazan, an agent with Coldwell Banker’s The Jills Zeder Group, represented the seller, and Marko Gojanovic of One Sotheby’s International Realty represented the buyer.

The five-bedroom, six-bathroom house, built in 2015, hit the market in 2017 for nearly $17 million and again in 2018 for $15 million. The property last sold in 2010 for $3.5 million.

Earlier this year, Andian Group sold the spec mansion at 3080 North Bay Road for $23.7 million.

In March, the waterfront teardown at 5226 North Bay Road sold for $8.3 million and spec home developer Todd Michael Glaser bought the waterfront home at 4640 North Bay Road for $5 million.