Developers complete Ocean Delray condo project with estimated $126M sellout

19-unit project has two units left for sale

Miami /
Feb.February 15, 2022 02:35 PM
NRIA CEO Rey Grabato and U.S. Construction John Farina with 1901 South Ocean Boulevard (LinkedIn)

NRIA CEO Rey Grabato and U.S. Construction John Farina with 1901 South Ocean Boulevard (Ocean Delray, LinkedIn)

U.S. Construction and National Realty Investment Advisors completed Ocean Delray about three years after plans for the boutique condo project were approved.

Philadelphia-based U.S. Construction and New Jersey, Secaucus-based NRIA expected to complete the development in the fourth quarter of 2020, but the project was delayed due to the pandemic and supply chain issues, a spokesperson said.

1901 South Ocean Boulevard

The 19-unit development at 1901 South Ocean Boulevard has an estimated sellout of $126 million, according to the spokesperson. Seventeen units have sold for an average of $1,800 per square foot. The two remaining units are priced at $6.2 million and $5.8 million, each with four bedrooms, four full bathrooms, and one half bathroom.

The majority of buyers were from the Northeast purchasing their second or third homes. Some buyers were local, according to the spokesperson.

Prices for the units that sold ranged from $5.9 million and $8.1 million, according to a release. IMI Living is the exclusive sales and marketing team.

The units range in size from 3,373 square feet to more than 4,400 square feet, according to the release. Each unit includes a two- or three-car air conditioned garage with electric car charging stations and room for golf carts.

Randall Stofft was the architect and Stofft Ikasu designed the interiors.

In 2020, the CEO of Creston, an automation company that makes smart lighting controls and audio and video technology, bought a condo at Ocean Delray for $7.6 million.

NRIA acquired the site, previously home to the Wright by the Sea Hotel, in 2018 for $25 million. The property has about 200 feet of water frontage.

NRIA and U.S Construction are still building the second phase of the project, called The Estates at Ocean Delray. Phase two is a group of five single-family luxury homes across the street, which is expected to be delivered in the third quarter, according to the release.

Last month, a Fort Lauderdale-based real estate investment company bought a 60-unit Delray Beach condo complex in a bulk purchase for $13.5 million.





    Related Articles

    arrow_forward_ios
    rendering of the Nautilus 220 condo project with Developers Daniel Kodsi of Royal Palm Companies and Peter Baytarian, managing partner at Forest Development (LinkedIn, Forest Development, VS Studios)
    Forest Development, Royal Palm nab $269M condo construction loan
    Forest Development, Royal Palm nab $269M condo construction loan
    From left: Edgardo Defortuna, Ana Gomez, Alicia Cervera Lamadrid, and Craig Studnicky (LinkedIn, Cervera, iStock)
    “Get your money out now”: Miami brokers target Colombian buyers after leftist’s election
    “Get your money out now”: Miami brokers target Colombian buyers after leftist’s election
    Kaufman's Michael Kaufman with 3185 South Congress Avenue (Kaufman, Google Maps)
    Kaufman Lynn sells Delray Beach HQ for $10M, but firm won’t relocate
    Kaufman Lynn sells Delray Beach HQ for $10M, but firm won’t relocate
    Here are the resi projects planned for downtown Fort Lauderdale
    Here are the resi projects planned for downtown Fort Lauderdale
    Here are the resi projects planned for downtown Fort Lauderdale
    13th Floor's Arnaud Karsenti and Wexford's Joseph Jacobs and Philip Braunstein with rendering of The Residences of Palm Beach West (13th Floor Investments, Wexford Real Estate Investors, Arquitectonica)
    13th Floor, Wexford propose 25-story tower in downtown West Palm
    13th Floor, Wexford propose 25-story tower in downtown West Palm
    Nancy Shevell McCartney with Il Lugano (Getty, Apartments.com)
    Paul McCartney’s wife sells her late father’s Palm Beach condo
    Paul McCartney’s wife sells her late father’s Palm Beach condo
    Google Street View of the properties at 551 Southeast Eighth Street and 551 Southeast Fifth Avenue in Delray Beach with CDS International Holdings founder Carl DeSantis (Google Maps, CDS Holdings)
    Celsius energy drink investor Carl DeSantis pays $25M for Delray Beach offices
    Celsius energy drink investor Carl DeSantis pays $25M for Delray Beach offices
    Buyer Armen Avanessians and 157 Peruvian Avenue (Goldman Sachs, Realtor.com, iStock)
    Former Goldman Sachs exec drops $12M on Palm Beach home
    Former Goldman Sachs exec drops $12M on Palm Beach home
    arrow_forward_ios

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

    Loading...