New York broker pays $8M for Bay Harbor Islands apartments

UPDATED, Jan. 21, 1:34 p.m.: New York broker Moshe Majeski scooped up a 26-unit Bay Harbor Islands multifamily portfolio for $8.2 million, marking his first commercial real estate investment in South Florida.

Majeski, through an affiliate, bought the three adjacent buildings at 1029, 1035 and 1043 94th Street from Pro-Nan Investments IV, managed by Mary Shaked, records show. Majeski’s buying entity scored a $6.1 million loan for the purchase from Brooklyn-based FM Home Loans.

Moshe Goldshtein of One Sotheby’s international Realty represented Majeski, and Boris Vertsberger of FIP Realty Services represented the seller.

The two-story buildings sit on nearly 0.8 acres, property records show. The 12-unit apartment property at 1029 94th Street was constructed in 1951, the six-unit one at 1035 94th Street in 1957, and the eight-unit one at 1043 94th Street in 1947.

Majeski, who leads the New York-based real estate company The Moshe Group, said the fully leased properties are in good condition, but he will make upgrades in the future. The lots open the opportunity for redevelopment in the future, although he has no concrete plans, Majeski said.

“We have three contiguous lots. It’s almost unheard of on the island,” he said, adding that he wants to continue investing in the area. “I feel this community is growing. Bay Harbor Islands is just a very unique submarket.”

Majeski, who used to work for Meridian Capital Group, owns a condo in nearby Bal Harbour that he and his wife, Sherry, bought last year for $1.6 million, according to property records.

New York-based real estate investors have been drawn to South Florida, especially its multifamily projects, over the past year and a half. multifamily market – The Real Deal South Florida The market has prospered from the influx of newcomers who were partly drawn to the area because it reopened from the 2020 lockdown earlier than other U.S. regions, and because of its lack of state income tax. Rents have skyrocketed, as a result.

In December, New York City-based Stonecutter Capital Management bought an apartment development site a block north of the Miami River in Miami for $10.4 million.

This came on the heels of an entity managed by Brooklyn-based real estate investor Yonason Greenwald buying a dozen rental buildings in North Beach for $31 million in August.

New York-based Sentinel Real Estate also bought Bay Harbor Islands apartments as part of a larger $96.6 million purchase in 2021 of rentals, including Miami Beach properties.

Also in Bay Harbor Islands, Terra plans to build a mixed-use project along Kane Concourse after scoring a $141 million construction loan in January.