Boymelgreens launch sales of boutique Miami Beach condos on Pine Tree Drive

Prices range from $700K to $4M

Miami /
May.May 05, 2022 03:31 PM
Sarah and Shaya Boymelgreen with a rendering of 42 Pine (Getty, 42 Pine)

Sarah and Shaya Boymelgreen with a rendering of 42 Pine (Getty, 42 Pine)

The Boymelgreens launched sales of a boutique condo building they plan to build in Mid-Miami Beach, north of 41st Street, The Real Deal has learned.

The developer began sales for 42 Pine, a 50-unit project planned for the 0.8-acre non-waterfront property at 340 West 42nd Street, said Douglas Elliman agent Mushka Jacobson. Jacobson is leading sales of the building.

Arquitectonica is designing the eight-story building at 340 West 42nd Street, according to a press release. Units will have one to three bedrooms, with 700 square feet to 2,700 square feet for combined units. Prices will range from $700,000 to $4 million for penthouses, of which there are eight, Jacobson said.

42 Pine

“We launched to friends and family two weeks ago, and it’s been selling. People are hounding us,” Jacobson said. Buyers are coming from the neighborhood, as well as out of state from New York, she added.

JP Roosevelt, an entity led by Sarah, Menachem and Levi Boymelgreen, owns the property. It borders Pine Tree Drive to the east and Meridian Avenue to the west. Records show a then-Boymelgreen-led entity transferred ownership of the development site to JP Roosevelt for $31 million in 2017. That sale was to buy out partners, according to a spokesperson for the project.

42 Pine

The same entity also owns an adjacent office building fronting 41st Street, which will remain.

Sarah Boymelgreen is married to Shaya Boymelgreen, an Israeli-born New York developer who has been expanding his portfolio in South Florida. In the early 2000s, he partnered with diamond billionaire Lev Leviev, although the partnership was later dissolved. More recently in 2016, the New York Attorney General imposed a two-year ban on Boymelgreen in the offer and sale of securities, including condos.

The Miami Beach project, 42 Pine, likely marks the only new condo development planned for the Nautilus neighborhood of Miami Beach, Jacobson said.

“It will really be the first, and we anticipate probably the last, which I think makes it such an exciting project,” she said. “There’s no luxury product if you can’t buy a house that gives you walkability, gives you the neighborhood.”

Many buyers have been outpriced of single-family home sales in Nautilus and throughout Miami Beach, as sales soared during the pandemic, reducing inventory and pushing prices up.

Amenities at 42 Pine will include a fitness center, club and game room, media lounge, children’s playroom, a pool, spa, cabanas and a yoga and meditation lawn, according to the release. Units will include kosher-friendly gourmet kitchens with Wolf and Subzero appliances, hardwood floors, marble countertops and glass-enclosed terraces.

Demolition of the parking lot site is underway, and construction will begin this month, Jacobson said. It’s expected to be completed by the fourth quarter of next year.

Elsewhere in South Florida, Boymelgreen recently secured a $30 million construction loan for a hotel in Surfside. Boymelgreen had planned to build a luxury residential complex with 68 townhouses, and scored a $23.5 million loan for that project in 2018, but is now building a hotel.





    Related Articles

    arrow_forward_ios
    The lot where the Champlain Towers South once stood (Getty)
    Settlement in Surfside condo collapse now over $1B
    Settlement in Surfside condo collapse now over $1B
    Sean “P. Diddy” Combs, DJ Khaled, Trippie Redd, Lil Wayne, Rick Ross and Kodak Black (Getty, iStock, Illustration by Shea Monahan for the Real Deal)
    South Florida’s rapper resi market is super dope fire
    South Florida’s rapper resi market is super dope fire
    A photo illustration of the Apogee Residences Miami Beach at 800 South Pointe Drive (Zilbert, iStock)
    Closing at Apogee tops Miami-Dade’s weekly condo sales
    Closing at Apogee tops Miami-Dade’s weekly condo sales
    Miami Heat's Pat Riley with Surf Club Four Seasons (Surf Club, Getty)
    Miami Heat’s Pat Riley scores a $23M Surf Club Four Seasons condo sale
    Miami Heat’s Pat Riley scores a $23M Surf Club Four Seasons condo sale
    From left: Miami Beach mayor Dan Gelber, real estate developer Stephen Ross, and the Deauville Beach Resort in Miami Beach (Getty Images, Google Maps, iStock)
    Stephen Ross wants to redevelop the Deauville Miami Beach with architect Frank Gehry
    Stephen Ross wants to redevelop the Deauville Miami Beach with architect Frank Gehry
    Cognito's John Backus and 7960 Biscayne Point Circle (LinkedIn, Zillow)
    Ex-nightclub mogul Francis Milon sells waterfront Miami Beach home for $13M
    Ex-nightclub mogul Francis Milon sells waterfront Miami Beach home for $13M
    369 North Hibiscus Drive (Villazzo Realty, iStock) Buddhist, Mansion
    Lawyer pays $14M for waterfront Hibiscus Island manse that hosted Tibetan Buddhist masters
    Lawyer pays $14M for waterfront Hibiscus Island manse that hosted Tibetan Buddhist masters
    From left: Stephen Macricostas and Andre Branch in front of 4535 Nautilus Court (Getty Images, Redfin)
    Buyer of Andre Branch’s former Miami Beach house flips it for $7M
    Buyer of Andre Branch’s former Miami Beach house flips it for $7M
    arrow_forward_ios

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

    Loading...