LeFrak buys Normandy Isle apartments in Miami Beach for $25M

Waterfront property last traded in 1997 for $2M

Jamie LeFrak and Ronny Finvarb  with 1006 and 1022 Bay Drive in Miami Beach (Google Maps, Getty/Patrick McMullan)
Jamie LeFrak and Ronny Finvarb  with 1006 and 1022 Bay Drive in Miami Beach (Google Maps, Getty/Patrick McMullan)

LeFrak bought the Marina Del Rey apartments in Miami Beach’s Normandy Isle for $24.5 million.

The Finvarb family sold the 108-unit waterfront complex at 1006 and 1022 Bay Drive. The sale breaks down to 226,852 per unit.

Calum Weaver and Garrett Pordes of Cushman & Wakefield represented the seller in the deal.

Marina Del Rey, which varies in height from two- to four stories, was built in the 1950s on 1.4 acres.

A spokesperson for New York-based LeFrak said in a statement that the firm “has great plans for the place,” but did not provide specifics.

The Finvarb family – led by Richard, Robert and Ronny Finvarb – bought the property in 1997 for $2.1 million, according to a deed.

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LeFrak, a family-owned real estate firm led by Richard LeFrak and his sons Jamie and Harrison, is co-developing the SoLé Mia project in North Miami with Turnberry Associates. The duo scored a $32 million construction loan for the development in March.

LeFrak was also a joint venture partner with Barry Sternlicht’s Starwood Capital Group in the redevelopment of the former Gansevoort Hotel into 1 Hotel & Homes in Miami Beach. They sold the 429-key hotel in 2019 to Host Hotels for $610 million, although the condos were not part of the deal.

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Miami Beach has caught the eye of investors in recent months, as both multifamily and retail properties have traded in South Beach. In April, Sentinel Real Estate bought a 452-unit portfolio of apartments mostly in Miami Beach, although some are in Bay Harbor Islands, from affiliates of Boardwalk Properties for $96.6 million.

This month, Regal Acquisitions bought the retail portion at 2000 Collins Avenue, at the Boulan South Beach hotel, for $34 million.

Multifamily deals have abounded across the rest of South Florida, as well, in recent months, with Related Group selling a Royal Palm Beach multifamily complex to Pantzer Properties for $119.4 million in May.